Wheat
Wheat supply in the United States will be higher than expected, since exporters did not get new businessdespite the fact that the war between Ukraine and Russia made shipments from the Black Sea region difficult, the government said on Friday.
Importing countries initially expected to have to find alternative supplies after Russia invaded Ukraine in late February, but Russian exports have picked up pace recently. Moscow calls its actions in Ukraine a “special operation.”
The US Department of Agriculture lowered its outlook for Ukraine’s wheat exports by 1 million tons to 19 million, and raised forecasts for Russia’s wheat exports by 1 million to 33 million tons.
Together, the two countries are expected to account for around 26% of world wheat exports. Before the invasion, the USDA had forecast that the two countries’ wheat exports would total 59 million tons.
Corn
In your monthly report, the USDA did not change its corn supply outlook, with US exports in line with the March forecast.
“The way the market is reacting tells me they think there’s more news to come, particularly more stock tightening,” said Bob Utterback, president of Utterback Marketing. “I don’t think the USDA fully accounted for the Ukraine crop in this report.”
US wheat ending stocks for the 2021/22 season ending May 31 were estimated at 678 million bushels, up 25 million from the previous month. The USDA lowered its outlook for exports from the United States by 15 million bushels and cut feed and residual sector use by 10 million.
World wheat stocks were estimated at their lowest level in five years: 278.42 million tons.
Corn ending stocks stood at 1.44 billion bushels, unchanged from the previous month, and soybeans at 260 million bushels, down 25 million from March, as a short crop in Brazil has boosted demand for US soybean exports.
Soy
US soybean stocks will be lower than previously expected, as a lower harvest in Brazil due to drought led to an increase in exports from the North American nation.the government said on Friday.
The Department of Agriculture (USDA) said in its monthly report that domestic soybean stocks will reach 260 million bushels as of September 1. The figure represents a decrease from the March estimate of 285 million bushels.
Projection for Argentina
The United States Department of Agriculture (USDA) on Friday left unchanged its forecasts for Argentina’s 2021/22 soybean and corn crops at 43.5 million and 53 million tons, respectively.
For his part, he estimated that the 2021/2022 wheat harvest will reach 21 million tons.
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.
Source: Ambito
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