The drought-hit U.S. cotton crop is slightly larger than previously thought, at 14 million bales, but exports are stagnant for this marketing year, said the USDA on Thursday. The monthly WASDE report said cotton production was down worldwide.
Amid drought in the U.S. West, growers will abandon three of every 10 acres of cotton they planted this spring, estimated the Agriculture Department. In its monthly WASDE report, the USDA projected a cotton crop of 15.5 million bales, down by 1 million bales from its projection in early June.
The Russian invasion of Ukraine will slash wheat exports from the countries by a combined 12 percent, said the Agriculture Department on Wednesday in an initial assessment of the short-term impact of the war. Nations from Europe to Asia and Africa will import somewhat less wheat in coming months in the face of higher prices and reduced supplies from the Black Sea region, it said.
U.S. wheat exports are slowing due to high prices and rising global production, said the Agriculture Department on Thursday. "U.S. export prices are expected to remain elevated [for] the rest of 2021/22, further diminishing U.S. competitiveness," said the USDA's monthly WASDE report.
The U.S. soybean hit parade, with record production in 2016, 2017, and 2018, will continue this year with the largest crop ever, the government forecast on Tuesday with the harvest in full swing. A late-summer surge in likely yields per acre prompted the USDA to say the crop will be 2 percent larger than its previous estimate.
U.S. farmers will reap two of their largest corn and soybean crops ever and sell them for the highest average prices since the commodity boom ended several years ago, said the government Wednesday in its first projections of the fall harvest. The USDA also said that global soybean king Brazil would increase its share of the world market at the expense of U.S. exports.
The faster-than-expected recovery in slaughter production has almost neutralized the impact of the coronavirus pandemic on the U.S. meat supply, said the government on Thursday. The USDA estimated that Americans will consume an average of 220.2 pounds of red meat and poultry this year — more than half a pound a day apiece. (No paywall)
In its first assessment since the coronavirus was declared a pandemic, the government forecast lower prices for U.S. crops and livestock as a worldwide economic slowdown, the result of aggressive efforts to squash the virus, weakens the global appetite for food. The notable exceptions are wheat and rice, where panic buying has driven up prices for the food grains, said the USDA on Thursday. (No paywall)
Aided by the Sino-U.S. trade war, the U.S. soybean inventory doubled to a record 913 million bushels in one year, the government said on Thursday. At the same time, the USDA estimated that total will be cut in half by next September.
Three years of bumper crops collided with the Sino-U.S. trade war to create the largest U.S. soybean stockpile ever, a price-depressing 1 billion bushels at the start of this month. But by next Sept. 1, the so-called carry-over will be just two-thirds of its current size, estimated the USDA on Thursday.
The wettest spring in a quarter-century may lead to the largest crop insurance payout since 2000 to farmers unable to plant corn and soybeans, said a university economist. He spoke ahead of a USDA report today that will project the impact of a cold and rainy spring on this fall’s harvest.
The Agriculture Department is expected to announce today that a set of major crop reports scheduled for release Jan. 11 will be delayed until the government shutdown is over, said chief economist Robert Johansson.
The Agriculture Department is to release a handful of potentially pivotal reports today at noon ET that could set the tone for futures markets until spring-planting data becomes available. They include a final look at 2014 U.S. crop production; the monthly WASDE report with its estimates of crop output and usage worldwide; the Winter Wheat Seedings report, the first hint of this year's crops, and the quarterly Grain Stocks report, which will indicate...
Farmers will sell this year's record-setting corn and soybean crops for the lowest season-average price in eight years, the government forecast in a new look at crop output and usage. USDA says the corn and soybean crops are marginally larger than it estimated a month ago. Supplies will be the largest in years, holding down prices for the year ahead.
The government will raise its estimates of the record-setting corn and soybean crops on Friday, according to two surveys of analysts ahead of the monthly crop report and the companion WASDE report on world crops.
Thanks to forecasts of large harvests, global grain supplies will rise again this year, says the UN Food and Agriculture Organization.