Assuming trend yields (unlikely) major world wheat exporter production in 21/22 rises 5-7 MMTs year-over-year. This will be a function of much higher production in Europe and modest declines in Australia, Canada and Russia following record production in those countries in 20/21. However, regionally, a supply boom occurs in the EU/Black Sea beginning in late…
World beef trade has been steadily rising in recent years, gaining in 8 of the last nine years. The USDA forecast another increase in 2021, putting total global beef imports at a record 20.5 Bil Lbs! All the increase in global beef exports has come from rising China imports over the last decade. In 2011,…
The USDA’s 98th Annual Outlook Forum will kick off with a presentation from USDA Chief Economist Seth Meyer on Thursday. His presentation will feature the USDA’s best guess at 2021 US planted acres of the four principle crops. The estimates are not survey-based like the March Prospective Plantings report but are the USDA’s best guess…
The US market is focused almost exclusively on South American production and its impact on future US export demand. But lingering in the background is historical grain supply tightness in Europe! Markets here are on a path to preserve domestic supplies via higher prices. While the USDA in its Feb WASDE left South American and…
CONAB’s February crop report did not offer any major changes to the soybean crop outlook for Brazil. Changes were minor and statistically insignificant. CONAB raised its estimate for harvested area by 73,500 hectares (+.2%). Yield was barely changed at 3,497 Kg/Ha (52 BPA), and the total crop size was increased by 124,700 MTs or a…
