Pro Farmer Tour Wraps Up, US Production Forecasts Expected Later Today
The tour wrapped up Thursday with results much as expected: below average corn yields and below average pod counts for the seven toured states.
Pro Farmer will release U.S. production forecasts later today.
Iowa and Minnesota yields and pod counts were issued Thursday evening.
Iowa corn yields were forecast at 182.8 BPA, which is down from last year at 188.2 BPA and the average at 185.4 BPA.
Pod counts for Iowa totaled 1,107 pods, down from last year at 1,209 pods and the average at 1,175 pods.
Minnesota corn yields were forecast at 170.4 BPA, down from last year’s 178.7 BPA and the average at 184.2 BPA.
Pod counts came in at 965 pods, down from 1,090 pods last year and the average at 1,073 pods.
FBN’s Take On What It Means for the U.S. Farmer: The tour has reported nothing too surprising. Pockets of the crops are healthy but more of the crops are below average. Pro Farmer tends to underestimate corn yields across the seven states as a whole. FBN expects corn futures could trend higher in the weeks to come based on supply concerns.
China Customs Data Show July Pork Imports Doubled from Last Year
African swine fever (ASF) continues to keep China in need of pork imports at historically high levels.
Data for July show pork imports at 182,227 tonnes, which was more than twice that of July last year and was up from June at 160,467 tonnes.
For January through July, China’s pork imports are up 36%, year on year.
July beef imports jumped up 83% compared with July 2018 while calendar-year-to-date imports are up 58% from a year earlier; Australia is a key source, but U.S. shipments are historically high.
China’s chicken imports for July were up 39 percent from July 2018.
FBN’s Take On What It Means for the U.S. Farmer: China continues to suffer from ASF with consumers looking for other protein sources. The U.S. is expected to be a minor beneficiary despite the trade war. China has been buying U.S. beef and pork. Commitments for both products are well above historical averages. However, other countries are expected to be key beneficiaries, such as the EU, Brazil, and Australia.
The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)
