Play Turner’s Take Ag Marketing Podcast Episode 300
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In this week’s podcast we go over Russian/Ukraine, US inflation, and they impact the macro markets. Then we switch gears to next week’s Ag Forum and what it means for the grain and oilseed markets. The Ag Forum will give us the USDA’s first look at new crop acres, trend line yields, and demand figures. We are very interested to see how the USDA accounts for the lost demand in S. America and how it finds its way into the to the US balance sheets for old crop or new crop exports. Soybean oil projections for biodiesel production will be another big data point to review. Make sure you take a listen to this week’s Turner’s Take podcast.
The USDA’s 2022 Ag Forum is 2/24 and 2/25. This is a big report for a couple of reasons. The first is we get to see USDA estimates for new crop acres. The second is we get to see what the USDA thinks about new crop demand. We don’t see a planted acres report again until the end of March and we don’t get to see a new crop balance sheet until the May WASDE. Below is a chart of US Summer Row-Crop Panted Acres. The chart includes corn, soybeans, spring wheat, durum, and cotton. One of our themes has been there is not enough new crop acres to be around. All of these markets have high prices, tight balance sheets, and a need for more acres. It will be interesting to see if the mix stays the same or if the USDA thinks there might be one winner (or loser).
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