There will be more red meat and poultry for Americans to eat this year than seemed likely when the coronavirus hit meat plants in April and May, said the USDA. In its monthly WASDE report, the USDA raised its estimate of meat production by 3 billion pounds, so that per-capita consumption would average 223.8 pounds this year, up by 3.6 pounds from the June forecast.
The “phase one” China-U.S. trade agreement, which takes effect at the end of this week, calls for China to buy $40 billion a year of U.S. food, agricultural, and seafood products this year and in 2021. Yet there will be limited immediate impact on U.S. sales overall, USDA analysts indicated on …
The USDA was unable to deliver its market-moving crop report, often described as its premiere product, for 10 minutes due to a computer outage in Kansas City, prompting suspicions of profiteering in the grain market during the delay on Friday. The USDA apparently did not have a backup system to put the data on the internet on time.
U.S. soybean exports are headed for a record 1.76 billion bushels this marketing year although the world is flooded with the oilseed, said USDA. In its monthly WASDE report on crop output and usage around the world, USDA raised its export forecast by 40 million bushels, to 1.76 billion bushels, citing "the record export pace in weeks and prospects for additional sales and shipments ahead of the South American harvest."
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.
Despite a late, wet and chilly planting season, the U.S. corn crop is in prime condition. "U.S. crop conditions in the most recent Crop Progress report are the best in four years for the aggregated 18 reported states...
The U.S. winter wheat crop will be the smallest in eight years due to drought in the central and southern Plains, the government said, estimating a harvest of 1.38 billion bushels, 2 percent less than it forecast in May and 10 percent smaller than 2013.
The U.S. soybean stockpile is expected to shrivel to its smallest size in 10 years - less than a two-week supply - by late summer ahead of a record-large harvest that will saturate supplies and sharply pull down prices for the oilseed, according to trade expectations for the crop report today.
Thanks to forecasts of large harvests, global grain supplies will rise again this year, says the UN Food and Agriculture Organization.