USDA: LARGEST SPRING WHEAT PRODUCTION SINCE 2020 The USDA on July 12 forecast production of spring wheat other than durum in the United States this year at 577.84 million bushels, up 72.94 million bushels, or 14%, from 504.9 million bushels in 2023. If the forecast holds, the 2024 other spring wheat crop would be the…
Category Archives: Uncategorized
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Jul
Jul
CORN Corn prices on the CBOT fell to $4 per bushel in the Monday session, hitting a more than 3.5-year low, due to brighter supply prospects and lackluster demand. According to analysts, CBOT soybean and corn prices rallied strongly on Tuesday after touching multi-year lows, driven by bargain hunting and forecasts of lower-than-expected crop yields…
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BRAZIL CORN PRODUCTION, EXPORTS TO DROP Brazil expects to harvest 4.6 billion bushels (116.8 million tonnes) from its three corn crops in the 2023-24 season, a drop of 12% from last year’s record harvest, according to the CONAB. The expected reduction mainly is attributed to smaller acreage due to low prices and lower yields in…
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Jul
Jul
USDA INCREASES US CORN PRODUCTION ESTIMATE, CUTS STOCKS The U.S. Department of Agriculture raised its estimate for corn production and cut the soybean production forecast on Friday, adjusting its estimates in line with the amount of acres planted with each crop. However, the Department cut its estimates for ending stocks of old and new crop…
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JULY WASDE SURPRISES TRADE WITH OLD CROP ENDING STOCKS REDUCTIONS The trade was expecting new crop corn ending stocks to go up (reached 2.289 billion bushels) but the WASDE report pegged the U.S. 2024/2025 corn ending stocks lower (reached 2.102 billion bushels). Soybean ending stocks were reduced more than the trade expected (from 447 to…
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Jul
LA NINA WEATHER 70% LIKELY TO DEVELOP IN AUG-OCT, SAYS US FORECASTER There is a 70% chance of the La Nina weather pattern, characterized by cold temperatures in the Pacific Ocean, developing during the August to October period. The current neutral phase between La Nina and El Nino weather patterns is expected to continue for…
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USDA RATES 75% OF COUNTRY’S SPRING WHEAT GOOD TO EXCELLENT With 88% of its spring wheat crop rated good/excellent and just 1% rated less than fair, Minnesota had the best spring wheat in the country, according to USDA. In Monday’s report, the state’s spring wheat rated 0% very poor, 1% poor, 11% fair, 77% good,…
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Jul
INDIA BOOSTS RUSSIAN GRAIN IMPORTS AS MODI THANKS PUTIN FOR FERTILIZER SUPPLY India increased its imports of Russian grain and grain products 22 fold, well above other major importers, in the 2023/24 agricultural season, according to data released during Prime Minister Narendra Modi’s visit to Moscow. Modi thanked Russian President Vladimir Putin for supporting Indian…
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PHILIPPINES WANTS TO BOOST RICE COOPERATION WITH VIETNAM TO ENSURE FOOD SECURITY The Philippines wants to boost cooperation on rice with Vietnam to ensure its food security, Philippine Agriculture Secretary Francisco Tiu Laurel said during a visit to Vietnam over the weekend. Vietnam’s exports to the Philippines accounted for 45.4% of its total rice shipments…
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FAO’S CPI DECLINES IN JUNE CPI declined by 3% in June from the previous month, with quotations for coarse grains, wheat and rice all lower due primarily to improved production prospects in major exporting countries. The report, released on July 5, listed the CPI at 115.2 points, about 9% lower than its June 2023 value….