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Shining Light on Farm & Food Policy for 20 Years.
Thursday, April 25, 2024
Drought is taking a higher-than-expected toll on Argentina’s corn and soybean farmers, according to the USDA, which cut production and export forecasts Wednesday for the South American country.
U.S. farmers are going to be producing and exporting a lot more grain and oilseeds for their respective 2023-24 marketing years, according to new forecasts released Thursday at USDA’s annual Agricultural Outlook Forum.
Deere and Co. said Friday its net income jumped 117% in the latest quarter compared to the same period a year earlier, and the farm equipment giant raised its earnings estimate for fiscal 2023.
When U.S. President Joe Biden meets newly elected Brazilian President Luiz Inácio Lula da Silva, known commonly as Lula, Friday afternoon in the White House, several Republican and Democratic U.S. senators are hoping ethanol trade will be on the agenda.
History may be in the making now that USDA has raised its forecast for Brazilian corn exports to 50 million metric tons for the 2022-23 marketing year. That would push Brazil past the U.S., the long-established world leader in corn exports, which is expected to ship 48.9 million tons to foreign buyers.
If India can keep on track for using more and more ethanol in gasoline, the country could well blend its way into needing U.S. imports, opening up major new trading opportunities with the second-most populous nation in the world.
Up until recently Mexico counted on the U.S. for nearly 100% of its rice imports, but that’s no longer the case. Countries like Brazil now find themselves at a price advantage to the once-dominant U.S. and they’re taking advantage of the situation at a rate that has the USA Rice Federation concerned that members are losing their largest and most reliable market.
China’s demand for corn remains strong and the U.S. continues to ship millions of tons of the grain there, but Brazil is chipping away at that trade and the South American ag giant shows no sign of slowing its advance.
