US: Despite delayed planting season, USDA projects higher grain yields and lower prices

Published 2024년 8월 20일

Tridge summary

The USDA's Crop Production and World Agriculture Supply and Demand Estimates (WASDE) reports released on Aug. 12, 2024, painted a bearish picture for the grain markets, except for wheat. The reports indicated lower supplies, higher domestic use, and smaller ending stocks for U.S. corn, but higher production, exports, and ending stocks for soybeans. globally, corn production was reduced due to cuts in EU, Russia, Serbia, Ukraine, and Moldova crop projections, while soybean production was raised based on higher U.S. production and production in Ukraine, Russia, India, and Benin. However, the market reacted negatively to the reports, trading at or near new contract lows, due to a lack of export demand and an oversupply of old-crop supplies. The reports also mentioned the potential impact of low subsoil moisture in Brazil and the possibility of a La Nina phenomenon off the west coast of South America on the market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A Crop Production report and a World Agriculture Supply and Demand Estimates (WASDE) report released on Aug. 12 painted a bearish picture for grain markets with the exception of wheat – the lone bright spot for prices in the complex USDA reports. The outlook for U.S. wheat calls for lower supplies, lightly higher domestic use, unchanged exports and smaller ending stocks. Supplies were reduced in the report, based on lower production, down 26 million bushels. Reduced cropland devoted to wheat was only partly offset by a higher average yield. Globally the wheat outlook is for increased supplies, consumption, more trade and slightly lower ending stocks. Supplies are projected to increase 3.5 million tons based on larger production in areas of Ukraine, Kazakhstan, and Australia which outweighed lower production in the EU and United States. Production in Ukraine was raised based on in-country statistics showing a larger-than-expected harvest area. The WASDE report predicted higher ...

Source: Wisfarmer