US CORN, SOYBEAN, WHEAT EXPORTS DOWN 5% FROM A YEAR AGO
Accumulated 2023-24 corn, soybean and wheat exports as of March 14 are down 5% compared to a year ago while outstanding sales are up 7%, according to the Grain Transportation Report (GTR) by USDA. China, a top buyer of US corn, reduced its purchases by 72%, mostly due to Brazil’s bumper safrinha crop. With Brazil shipping more to China, there was less corn available to other buyers that Brazil had served in 2022-23, the USDA said. That created opportunities for US exporters, including record demand in Mexico. Transportation demand for corn exports is expected to increase in the rest of the marketing year.
US soybean exports dropped in four of the top five markets — Egypt by 52%; China by 25%; Japan by 5% and Mexico by 2%. The declines were due to Brazil’s record soybean production and higher US demand for crush. Unshipped wheat exports totaled 4.8 million tonnes, up 61% from last year but 18% below the three-year average. Looking ahead to 2024-25, the USDA said export increases are expected in corn, wheat and soybeans, suggesting rising demand for future grain transportation to export markets.
(Link: WorldGrain)
BRIDGE COLLAPSE TO HAVE MINOR IMPACT ON US AGRICULTURAL TRADE
Impact on overall US agriculture trade is expected to be minor from the collapse of the Francis Scott Key Bridge following the collision by a container ship, according to the American Farm Bureau Federation (AFBF). The Port of Baltimore ranks 17th in terms of cargo throughput in the United States, processing more than 37 million short tons of combined import and export product in 2021. The Port of Baltimore ranks 17th in terms of cargo throughput in the United States, processing more than 37 million short tons of combined import and export product in 2021. “Industries reliant on the port, such as sugar refineries and ag equipment manufacturers, appear to face more imminent challenges, while longer term supply chain disruptions may lead to increased prices and logistical hurdles for farmers awaiting inputs,” the AFBF said.
(Link: WorldGrain)
