BASIC & RECENT MARKET INFO

Highlights Tomorrow at 10 AM Mountain Time the USDA will issue its August S&D. It will include yield adjustments for 2024 corn and beans. If you looked at the estimates we sent you on Thursday, August 8th, corn production is expected to be just 12 million bushels (0.008%) more than the USDA’s July production number.   Did you notice the expected corn carryover tomorrow is expected to be 1 million bushels smaller than USDA’s July S&D for both the old and new crop corn and the

Highlights On Friday, Safras and Mercado, a Global Agribusiness of Brazil, reduced their safrinha corn production estimate by 2.99 mil mts to 83.64 mil mts.   USDA’s monthly cold storage report showed the total beef in the freezers was down 4.7% from a year ago and pork was down 11.7% from a year ago with butter supplies up 9% and cheese stocks down 0.6%. USDA monthly Poultry Report showed in April from a year ago: Egg production: down 1% Layers on feed: down 2% Egg productio

Tidbits Yesterday’s Cattle on Feed numbers as a percent of a year ago:   On Feed: 100.9% expected, actual 101% Placements: 106.2% expected, actual 110%   Fed Marketings: 103.9% expected, actual 103%   Yesterday’s USDA Chickens and Eggs Report (% compared to a year ago): USA egg production in February was up 5% from last year from 1% fewer hens (377 million). Egg-type Chicks Hatched Up 7%. Egg-type eggs in incubators on March 1, 2024, up 5%. Egg-type pullet chicks up 3%. Broil

Highlights The U.S. budget deficit for fiscal 2022 (ended September 30, 2022) was half of what it was a year ago. It is the biggest drop in history. The shortfall declined to $1.375 trillion, compared to the 2021 COVID deficit of $2.776 trillion. Tax revenue, despite Trump’s reduced tax rate, was easily the highest one-year total on record. The deficit decline would have been greater had it not been for the Biden administration’s student loan forgiveness program. When that ne