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Balanced Reporting. Trusted Insights.
Tuesday, May 30, 2023
Much larger corn crops in Argentina and the U.S. will be driving down global prices and spurring international trade in the 2023-24 marketing year, USDA said Friday.
The USDA slashed its forecast for Argentina’s corn and soybean production in response to widespread drought and raised its prediction for Chinese wheat imports in its April World Agricultural Supply and Demands Estimate.
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.
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.
USDA’s Foreign Agricultural Service is still planning to resume publishing its weekly export sales report on Sept. 15, but that report will be much larger than normal because it will contain four weeks of data that haven’t been published because of problems installing a new reporting system, according to USDA officials.
The USDA Tuesday raised its forecast for ag exports in fiscal year 2022 to $196 billion, but the department also predicted the value of overseas shipments will fall in FY 2023.
The Biden administration on Thursday pledged to help repair Ukraine’s agriculture sector from the damages of the Russian invasion even as the war rages on and farmers struggle to bring in crops.
The Biden administration is kicking off talks with Taiwan on an agreement to facilitate more trade between the countries without reducing tariffs, according to senior administration officials.
