In turn, in its world grain supply and demand report for May, the USDA published its First calculation for the Argentine wheat harvest of the 2022/23 cycle, which is forecast at 20 million tonsbelow the 22.15 million collected in the previous campaign.
Argentina is the world’s leading exporter of soybean oil and meal, the second largest exporter of corn, and a key international supplier of wheat.
For USDA, next US soybean harvest will be the largest in history
US farmers will see a record soybean crop for the second year in a row this year, but supplies will remain tight due to rising demand, the government said on Thursday.
Soybean production for the 2022/23 marketing year, which ends Aug. 31, is estimated at 4.64 billion bushels, the US Department of Agriculture said in its monthly World Agricultural Supply and Demand Estimates report.
The outlook compares with market expectations of 4.613 million bushels. In the 2021/22 season, US soybean production was 4.435 million bushels, the highest to date.
For its part, US wheat and corn supplies will decline next yearwhich will add to the already tight global grain balance created by poor harvests and Russia’s invasion of Ukraine, the government said.
A record soybean harvest in the United States will ease some of the global shortage of the oilseed after food prices hit record highs in February and March, according to the UN food agency.
But soybean supplies will remain tight amid growing demand from the export, biofuels and crushing sectors, the US Department of Agriculture (USDA) said in its monthly report on soybean estimates. global agricultural supply and demand.
Thursday’s USDA report sent Chicago Stock Exchange wheat futures higher to their highest level since March 22, while corn and soybean futures hit session highs.
The government also projected that US corn production would fall 4.3% to 14.46 billion bushels in 2022. This figure is lower than its February estimate of 15.24 billion and market expectations of 14.773 million.
The USDA said cold, wet weather that delayed this year’s planting in the US Midwest reduced corn crop yield prospects.
It projected 2022/23 corn ending stocks to fall to 1.36 billion bushels from 1.44 billion a year earlier. Soybean supplies would rise to 310 million bushels from 235 million.
Wheat stocks for the 2022/23 season stood at 619 million bushels, down 5.5% from 2021/22 and the lowest level in nine years.
Source: Ambito
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