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Shining Light on Farm & Food Policy for 20 Years.
Friday, December 20, 2024
The Agriculture Department left most of its crop production and usage estimates unchanged in its latest World Agricultural Supply and Demand Estimates released Friday, matching trader expectations ahead of the report.
In today's WASDE report, USDA increased production and offset some of those gains with higher domestic use. However, USDA did not lower export expectations which may be coming in the months ahead.
The Department of Agriculture Wednesday lowered its estimates for soybean yields, production and exports for the 2022-23 marketing year while acknowledging that Brazil will likely have a much larger harvest early next year.
The USDA Monday cut its forecast for U.S. soybean yields and production in its monthly crop report, catching the market by surprise and sending futures prices higher.
Texas farmers are facing a drought that will all but eliminate the hopes of many for a good cotton crop in 2022 as attention turns to topsoil conservation measures that producers hope will allow them to try again next year.
The forecast for U.S. wheat production got a boost Tuesday with bigger estimates for spring and durum, but global supplies are expected to remain at their lowest level since the 2016-17 marketing year, according to USDA's latest World Agricultural Supply and Demand Estimates report.
The USDA said Friday bumped up its forecast for U.S. soybean exports and dropped its prediction for ending stocks as Chinese demand remains strong and competition from Brazil is less than expected.
