USDA released its monthly report on the supply and demand of grains worldwide

Published May 19, 2024

Tridge summary

The USDA's latest report on global grain supply and demand has revealed some adjustments to the forecasts for the 2024/2025 season, with a focus on changes in corn and soybean production in South American countries like Brazil and Argentina. For Brazil, there were slight reductions in soybean and corn production estimates, while Argentina's production figures saw more significant adjustments due to various challenges. In the United States, the report highlighted an increase in corn ending stocks, attributed to higher ethanol demand and improved exports, leading to a bullish outlook for corn prices. Meanwhile, global soybean production was projected to increase from the previous estimate, reaching 422.26 million tons, and corn production was expected to slightly increase to 1,228.09 million tons. These adjustments reflect the impact of various factors, including weather conditions and demand dynamics, on the grain markets.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Last Friday, the United States Department of Agriculture (USDA) released its monthly report on the supply and demand of grains worldwide. Yes, that document that we were all looking forward to more than the premiere of the latest soap opera! The news: The first official global projections for the 2024/2025 campaign! ADVERTISEMENT For those curious in South America, the cut in Brazil's soybean figure was smaller than private experts had predicted. Something similar happened with corn in Argentina. Goodness! We were already fearing that we would run out of our soy and corn salad. Speaking of the 2023/2024 cycle, what really shined was the adjustment to US corn ending stocks, driven by higher demand from the ethanol industry (thank you, biofuels!) and improved exports. This created a bullish outlook for corn prices, just when everyone thought the market was going to fall faster than a sack of potatoes. For 2024/2025 soybeans in the United States, there were no big surprises. Wheat, ...
Source: Agromeat
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