FORT COLLINS, Colo. Chicago-traded soybeans have been on an uncharacteristic run over the last several weeks, breaking through double-digit prices for the first time in the U.S.-China trade war era, possibly incentivizing U.S. producers to significantly boost bean plantings next year.
FORT COLLINS, Colo. Soybeans usually account for about half the annual value of U.S. farm exports to China, but pork uncharacteristically joined the oilseed atop the list in the first half of 2020 as the world’s top consumer scrambled to fill its protein deficit following a pork output plunge.
FORT COLLINS, Colo. Rain finally hit most parched areas of the U.S. Corn Belt, though it did not provide much help to the Crop Watch fields that are too far along at this point. Later-planted fields in those areas did benefit somewhat from the much-needed moisture, however.
FORT COLLINS, Colo. Speculators continued covering short positions in Chicago-traded grains and oilseeds last week ahead of fresh U.S. government supply and demand estimates, as China continued its U.S. buying streak, particularly in soybeans.
FORT COLLINS, Colo. Agriculture market participants are expecting on Friday to see much lower government yield projections for U.S. corn and soybeans than were published a month ago, and if trade estimates are correct, the numbers will reflect an uncommon course-reversal from earlier lofty outlooks.
FORT COLLINS, Colo. China has been buying U.S. soybeans at what seems like a breakneck pace for about two months now, increasing the probability of record U.S. exports to the Asian country over the next year.
FORT COLLINS, Colo. Yield expectations for the U.S. Crop Watch corn and soybeans slid for the fifth consecutive week as dry weather continued its dominance. Cool, wet weather will prevail for some of the dry western areas this week, and although the rains are too late to undo previous damage, they may help stabilize parched crops.
FORT COLLINS, Colo. Speculators went on their biggest buying spree in Chicago-traded grains and oilseeds in more than a year over continued uncertainty about the U.S. corn and soybean harvests and China’s blistering buying pace of those products.
FORT COLLINS, Colo. Chicago corn futures uncharacteristically rose throughout August as domestic harvest prospects have been shrinking and China continues to make large U.S. purchases. Though when supplies fall, demand almost always follows suit.
FORT COLLINS, Colo. U.S. ethanol production quickly bounced back after its pandemic-driven crash in late March and April, though both output and use have plateaued in the last month and remain below typical levels, a bit unsettling as far as corn demand is concerned.