DRY COMMODITY Trends

Farmer's Report

Dry Commodity Trends - December 2, 2022

Sugar

  • Old-crop sugar price offers remain scarce from the beet vendors, due to very tight supplies. Current crop (2022/2023) bookings are considered complete, according to analysts, with most sellers withdrawn from the market 
  • The USDA lowered its 2022/2023 sugar beet production estimate on the November supply/demand report, putting the ending stocks-to-use ratio back down to 13.5% from 14.8%
  • The U.S. cane harvest has crossed the 70% complete mark, and crop condition ratings remain near record-highs, according to the latest USDA update

Dry Beans

  • New-crop bookings are active and price changes have been minimal, according to Midwest cash dealers
  • The USDA estimates that U.S. dry edible bean production is at 25.3 million cwt., or 1.148 million metric tons. This is up 3% from the previous forecast, and up 11% compared to last year    

FLOUR

  • The wheat markets were modestly lower through Wednesday of this week vs. the prior week
  • U.S. winter wheat stocks remain at multi-year lows, per the USDA’s November supply/demand report
  • The Black Sea Grain Initiative was extended for a further 120 days beyond the November 19 deadline, according to analysts
  • Domestic cash basis offers moved lower in the 12.8 through 14.0% protein range this week. The market remains concerned about the potential for a national rail strike in early December, according to several U.S. wheat millers
  • U.S. winter wheat planting is complete, as the crop begins its dormancy phase until next spring
  • The USDA reported that the winter wheat crop is 34% good to excellent, up from 32% last week, but still well below the 44% reported at this time last year
  • Weather conditions in the U.S. Southern Plains remain abnormally dry, with nearly 75% of the winter wheat crop in drought conditions, according to the latest USDA report

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.