Your Pro Farmer newsletter (September 30, 2023) is now available
USDA’s Grain Stocks Report set final 2022-23 ending stocks for corn and soybeans. As is typically the case, the report held some surprises. USDA also issued its final 2023 wheat crop estimate, which was higher than anticipated. While rains have fallen on some areas of the central U.S., river levels continue to fall, threatening to further restrict new-crop soybean and corn shipments through the Gulf. That is heavily pressuring basis as harvest picks up. On the livestock side, feedlot inventories contracted from year-ago for a 12th consecutive month – a trend that will continue. But the Sept. 1 hog herd unexpectedly expanded. While there are demand concerns, especially for beef, USDA’s Cold Storage Report signaled demand is more than keeping pace with supplies. We cover all of these items and much more in this week’s newsletter, which you can download here.
