• Entertainment
  • Finance
  • Marketing
  • Real Estate
  • Technology
  • Social
National Journal Community Of e-Experts
Finance 0

Smaller South American Crops Overshadowed Modest U.S. Stock Changes

By Kurt Osterberg · On April 11, 2018

Market Analysis

The USDA’s smaller South American corn and soybean outputs and their tightening of these world carryover levels lent support to the markets after the release of this week’s April report. As expected, both of Argentina’s corn and bean crops were lowered because of their ongoing drought while Brazil’s two outputs were mixed – beans up (+2 mmt) and corn down (-2.5 mmt). These changes and recent softening of the rhetoric in the US/China tariff scuffle may have prompted the USDA to limit changes in its US corn and soybean balance sheets this month.

In corn, March’s larger quarterly stocks did prompt the USDA to lower its feed demand, but by just 50 million bu. vs. ideas of 100 million decline. Corn exports were also left unchanged despite hefty overseas sales and both Argentina (-3 mmt to 33 mmt) and Brazil (2.5 mmt to 92 mmt) crop sizes being cut. The World Board did shave 10 million bu from food demand, which prompted a 60 million rise in stocks to 2.182 billion bu.– near the trade’s average estimate. The smaller S American crops lowered the USDA’s world corn stocks by 1.37 mmt to 197.8 mmt.

In soybeans, the USDA raised the US crush by 10 million bu. to 1.97 billion because of our strong domestic and over-seas meal demand. Despite the 5 mmt drop in S. American (Arg -7 mmt & Brz+2 mmt) output, US exports were left unchanged given the cloud of 25% tariff being proposed on US bean imports in China. Small residual and seed usage declines left bean’s old-crop stocks 5 million lower at 550 million bu. South America’s smaller crops impacted the USDA’s world stocks by 3.6 mmt drop to 90.8 mmt.

In wheat, the USDA sliced US feed demand by 30 million bu because of its price relationship vs. other course grains in the US. This raised wheat’s old-crop stock level to 1.064 billion. World stocks were also raised 2.33 to 271.22 mmt due to a multi-year change in Iran’s wheat demand boost-ing April’s beginning stocks & a jump in Morocco’s crop.

Print Friendly, PDF & Email

Share Tweet

Kurt Osterberg

You Might Also Like

  • Finance

    STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

  • Finance

    NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

  • Finance

    5 NFTs Trending on Twitter Going Cheap to Invest in Now

No Comments

Leave a reply Cancel reply

Top Finance

  • 3 Best Large-Cap Blend Mutual Funds For Enticing Returns 3 Best Large-Cap Blend Mutual Funds For Enticing Returns
  • What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage What is Value Chain Analysis? How to Deliver Value & Gain a Competitive Advantage
  • Hedge Funds In The US Hedge Funds In The US
  • 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement 5 Ridiculously Useful Non-Monetary Reward Examples that Improve Employee Engagement
  • Chart: Amazon’s Dominance In Ecommerce Chart: Amazon’s Dominance In Ecommerce

New Posts

  • STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

    STEPN Sneaker NFTs Sell For $100, Previously Worth $1200

    June 20, 2022
  • NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

    NFT Prices in Free Fall – 5 NFT Collections to Start Buying Today

    June 20, 2022
  • 5 NFTs Trending on Twitter Going Cheap to Invest in Now

    5 NFTs Trending on Twitter Going Cheap to Invest in Now

    June 20, 2022
  • Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

    Bill Gates – ‘NFTs & Crypto Based on Greater Fool Theory’

    June 20, 2022
  • Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

    Actor Seth Green Pays $300,000 to Recover his Stolen BAYC NFT

    June 20, 2022
  • About
  • Contact Us
  • Privacy & Policy
  • Sitemap
  • Terms of use

Copyright © 2018-2021 NJCEE. All Rights Reserved.