US agricultural commodities are running out - corn prices at 7-month high

The strong Chinese demand for US agricultural commodities is narrowing the supply in the US.
Yesterday the USDA released surprisingly low figures on overseas corn, soybean and wheat stocks. The US authorities are now assuming much lower stocks in the US. In connection with the reports from South America about possible yield losses, this has caused a sharp change in sentiment on the futures exchanges and sharply rising prices.
CBoT corn futures prices rose 3.9% yesterday and 0.9% this morning to date. We also see firmer prices for CBoT soybeans and CBoT wheat (+ 6.3%).
The supply of US corn will thus fall by 3.024 billion bushels in the three months leading up to September 1, that of soybeans by 858 million bushels. The US authority has only had to report such a sharp drop in supply in its quarterly report since the data was collected.
Soybean stocks as of September 1 are now reported at 523 million bushels, corn stocks in the US were 1.995 billion bushels and wheat stocks at 2.159 billion bushels.
China's pig herd is being rebuilt at a breathtaking pace after the ASF crisis, which is why huge amounts of feed raw materials such as corn and soybeans have to be imported.

Hansa Terminhandel GmbH
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