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 largest since 587.505 million bushels in 2020. The projection slightly topped pre-report trade expectations but comported with a larger planted acreage. By class, hard red spring wheat production was forecast at 532.447 million bushels, up 64.379 million bushels, or 14%, from 468.068 million bushels in 2023.
Hard white spring wheat production was forecast at 10.336 million bushels, up 1.591 million bushels, or 18%, from 8.745 million bushels a year ago. Soft white spring wheat production was estimated at 35.057 million bushels, up 6.97 million bushels, or 25%, from 28.087 million bushels in 2023. The USDA on July 12 also forecast durum wheat production in the United States in 2024 at 89.288 million bushels, up 29.959 million bushels, or 50%, from 59.329 million bushels in 2023. The durum crop was forecast to be the largest since 103.914 million bushels in 2016 and the second largest since 2010.
(Link: WorldGrain)
VENEZUELA’S RICE, CORN PRODUCTION RISE AS BUYERS LOAN FARMERS SUPPLIES
Venezuelan growers of rice and corn have reversed a years-long slump in production thanks to loans of fertilizers and seeds from buyers, which are freeing up funds to invest in generators and other efforts to fight utility cuts. The loans – from at least six guilds in Portuguesa and 20 crop-buying groups nationally – come amid tight credit restrictions, which make traditional loans from banks nearly impossible to ink, and inflation of over 50%. Though “forward selling” of crops is common in other Latin American countries like Brazil, the practice is new and growing in Venezuela, local agricultural experts told Reuters. Output of rice and white corn was up to 1.2 million metric tons last year, 29% more than in 2022, though that boost is still leagues below production of 3.4 million tons a decade ago, according to agriculture guild figures.
(Link: Reuters)
