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Fertilizer companies are putting the extra revenues to work, reinvesting the profits in capital projects to expand output capacity in the coming year.
China’s ban on urea and phosphate exports as well as global production issues continue to upend traditional trade flows and will likely keep prices elevated through the first half of 2022.
Soybean harvest, as reported by USDA in yesterday’s Crop Progress report, came in 2% below analyst expectations after soggy weather plagued growers last week.
Between the missed analyst projection and slowing harvest rate, there could be some upward price potential for soybeans in today’s trading session.
Chinese citizens were reportedly scrambling to stock up on rice, cooking oil, and salt, according to a Reuters article.
Despite slim profit margins, new players in China’s hog market are determined to continue production.
Millions of citizens, including current farmers, started herds in the years that followed.
The rising volume of pigs sent profit margins into the red for much of the 2021 calendar year.
“The market is trying to test how high the price has to get in order to slow down demand,” Don Roose, president of Iowa-based U.S.
Ukraine’s winter wheat sowing activity is now 91% complete, according to the Ukrainian agricultural ministry.
Ukraine plans on planting 16.5 million acres of winter wheat, up 9% from sowings for the 2021 growing season.
USDA’s latest Crop Progress report found only 45% of the crop to be rated in good to excellent condition as of October 31, 3% lower than analysts had been expecting prior to the report’s release.
1, 2021 wheat supplies to be 1.78 billion bushels – the smallest volume for Sept.
Even with smaller anticipated global food consumption of wheat in the 2021/22 marketing year, high international wheat consumption will likely continue to keep stocks tight and cash bids high.
Cooler temperatures will blanket the Heartland today, according to NOAA’s short-range forecasts.