Is USDA Lying About Brazil?? (Corn and Soybean Production)
April 12, 2024
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17:31Now PlayingIs USDA Lying About Brazil?? (Corn and Soybean Production)
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USDA's Adjustments to Crop Estimates: USDA reduced US soybean export estimate, leading to larger carryout projection for current marketing year, while increasing demand for US corn in feed and ethanol categories; US wheat demand reduced in feed and residual categories, with unchanged estimates for Brazilian corn and soybean production but slight reduction in Argentina's corn crop. 🌾📉📊
Conab's Forecast for Brazilian Crops: Conab predicts Brazilian soybean crop to reach 146.52mmt, down 5.2% from last year, with corn crop expected at 110.96mmt, down about 16%, due to unfavorable conditions in Mato Grosso resulting in fewer acres and lower yields. 🇧🇷🌱📉
Drought Monitor Data for the US: Weekly data shows improved drought conditions in parts of the Corn Belt but worsening conditions in western Kentucky and parts of the High Plains, with drought expanding in northern South Dakota and southeastern North Dakota; overall, drought affecting significant portions of corn, soybean, and wheat regions. 🌧️🌾🇺🇸
China's Corn Purchase Dynamics: China cancels Ukrainian corn purchases, possibly around 300,000mt, to support domestic farmers amid low grain prices and high domestic supplies; cancellations follow similar moves with Australian and US wheat in March, attributed to falling Chinese grain prices and economic challenges. 🇨🇳🌽🛑
US Grain Export Sales Trends: US corn export sales hit marketing year low, declining 66% from the previous week, while soybean sales improved by 57%, and wheat sales were up noticeably; Japan, Mexico, and the Philippines were the largest buyers for the respective grains. 🚢🌾📉
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