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Balanced Reporting. Trusted Insights.
Wednesday, February 01, 2023
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 announced Monday that China purchased more than 1 million metric tons of U.S. corn, adding to the buying spree from tight U.S. stocks as the Russian invasion continues to hobble Ukrainian exports.
China made another massive purchase of U.S. corn Friday, pushing the total commitments by Chinese importers this week to about 5.5 million metric tons and sparking new optimism that U.S. exports could break a record for the 2020-21 marketing year.
Industry analysts, government officials, and insurance adjusters are trying to make sense of just how much damage was done by the heavy winds that cut through the heart of the Corn Belt in a Monday storm system.
President Donald Trump on Thursday issued another veiled threat to the U.S.-China “phase one” trade pact as the relevancy of the deal comes under question with perhaps just months left in the Trump presidency.
China is shunning U.S. soybeans and pork – at least temporarily – in retaliation to U.S. involvement in China’s treatment of Hong Kong, but expectations are that Chinese state buyers won’t be able to shut off U.S. trade for much longer.
Tuesday’s release of the World Agriculture Supply and Demand Estimates report did little to shake up commodity markets as the figures in it were largely unchanged from the previous month’s estimates.
