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Shining Light on Farm & Food Policy for 20 Years.
Sunday, October 20, 2024
History may be in the making now that USDA has raised its forecast for Brazilian corn exports to 50 million metric tons for the 2022-23 marketing year. That would push Brazil past the U.S., the long-established world leader in corn exports, which is expected to ship 48.9 million tons to foreign buyers.
USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
The Agriculture Department is forecasting that net farm income will decline sharply this year on lower revenue from crops and livestock and higher production expenses.
Higher margins in its ag services and oilseeds business helped push ADM to an operating profit of about $6.5 billion for its fiscal year 2022, an increase of 41% over 2021.
Commodity groups whose members depend on chlorpyrifos are desperately trying to overturn an EPA decision resulting in the loss of the long-used insecticide deemed unsafe on food crops.
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.
The Agriculture Department reduced its fiscal 2023 forecast for U.S. ag exports to $190 billion, a $3.5 billion drop from the agency’s last estimate in August, largely reflecting weaker expectations for soybean sales.
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.
Mexico has not publicly ruled on genetically modified plant traits in the four years since President Andrés Manuel López Obrador took power, but the country’s health regulator Cofepris has been quietly approving and rejecting traits with an apparent bias against glyphosate-resistant corn seeds, according to U.S. government and industry sources.
