<\/p>\n<\/a>Grains<\/u> –
\nAs I noted yesterday there isn\u2019t much to talk about right now.\u00a0 We\u2019re basically wrapping up the South American growing season (still some time left in Arg, but you know what I mean) and awaiting the US planting season (which unofficially kicks off next Friday, I guess).\u00a0 With that in mind I just thought I\u2019d point out a simple exercise I went through in my spare time yesterday.<\/p>\n
The tables below breakdown the basic state of affairs in terms of major exporter supplies for corn and soybeans. \u00a0Note for the South American supply figures, I\u2019m not even considering carry-in stocks, which would just add slightly to the overall total.\u00a0 I thought it was worth taking a simple snapshot look at the difference in supplies right now compared to this time last year.<\/p>\n
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These are pretty dramatic changes YOY, most notably in corn.\u00a0 Yet interestingly, corn prices are only down slightly from this point last year and soybean prices are actually higher.<\/p>\n
I know what you\u2019re thinking…I\u2019m not accounting for demand here.\u00a0 That\u2019s absolutely correct.\u00a0 I will go through a MYTD breakdown of demand trends here tomorrow.\u00a0 WASDE has plugged in significant YOY demand increases as an offset to this supply, but are we keeping pace?\u00a0 Hopefully we\u2019ll have a better handle on that tomorrow.<\/p>\n
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