In this file:
· CME: Corn, Soybean Acreage Planted Estimated to Increase Y/Y in 2018
· Brazil adds 860,000 mt of corn to public stocks
CME: Corn, Soybean Acreage Planted Estimated to Increase Y/Y in 2018
via The Cattle Site - 06 December 2017
US - Last week (28 November 2017), the USDA’s World Agricultural Outlook Board (WAOB) provided early release tables that will be included in their long-term annual projections to 2027, reports Steiner Consulting Group, DLR Division, Inc.
The link to the tables is here; the complete write-up will be released in February 2018.
The report's baseline supply and utilization balance sheets include cattle, hogs, poultry, dairy, and major crops.
Though developed in a long-term framework, the baseline does give some perspective on current USDA thinking near-term (i.e., 2018). We will highlight corn, soybeans, and soybean meal.
WASDE estimates that both corn and soybean acreage planted will increase year-over-year in 2018.
Corn Highlights: For 2018, the WAOB is projecting corn plantings to be 91 million acres, an increase of about 600,000 acres compared to 2017’s.
They do forecast a year-over-year drop in the national average corn yield per acre, resulting in bushels to be produced about unchanged from this years.
Total corn use (feed, ethanol, exports, and food) in 2918 is forecast to be essentially unchanged.
The result is a further year-over-year build-up of corn in storage (about 4 per cent as of 1 September 2019).
The national average corn price received by farmers for the 2018/19 crop-marketing year at $3.30 per bushel would be 10 cents above 2016/17.
For the balance of the forecast period (2019-20 through 2027-28), the USDA’s baseline calls for a trend of fewer corn acres planted and higher yields per acre.
more, including charts
Brazil adds 860,000 mt of corn to public stocks
Brazil added 860,000 mt of corn to public stocks through recent purchases, sending total public stocks to 1.19 million mt, a federal agriculture agency said Monday.
Brazilian supply and demand agency Conab said it offered contracts with options for farmers to sell the government a total of 999,000 mt of corn.
Farmers signed up for those options between May and June, Conab said.
The government said 86% of the optional sales contracts were then executed by the producers during September.
A large part of the public corn stocks was sold to chicken and pork producers in mid-2016 when prices skyrocketed on the domestic market after strong exports.
"Brazilian corn production climbed to a record of 97.2 million mt in 2016-17 season...