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Balanced Reporting. Trusted Insights.
Monday, June 05, 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.
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.
The Agriculture Department left most of its crop production and usage estimates unchanged in its latest World Agricultural Supply and Demand Estimates released Friday, matching trader expectations ahead of the report.
In today's WASDE report, USDA increased production and offset some of those gains with higher domestic use. However, USDA did not lower export expectations which may be coming in the months ahead.
The Department of Agriculture Wednesday lowered its estimates for soybean yields, production and exports for the 2022-23 marketing year while acknowledging that Brazil will likely have a much larger harvest early next year.
The USDA Monday cut its forecast for U.S. soybean yields and production in its monthly crop report, catching the market by surprise and sending futures prices higher.
Texas farmers are facing a drought that will all but eliminate the hopes of many for a good cotton crop in 2022 as attention turns to topsoil conservation measures that producers hope will allow them to try again next year.
