In this file:
· USDA sees upcoming U.S. soybean crop as biggest ever
· Corn, Soybean Production Numbers as Expected in May USDA Report
· War Is Just The Latest Factor Behind Higher World Food Prices
USDA sees upcoming U.S. soybean crop as biggest ever
via Yahoo Sports Canada - May 12, 2022
CHICAGO, May 12 (Reuters) - U.S. farmers will harvest a record large soybean crop for the second year in a row this year, but supplies will remain tight due to soaring demand, the government said on Thursday.
Soybean production for the 2022/23 marketing year that ends on Aug. 31 was seen at 4.640 billion bushels, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.
The outlook compares with market expectations for 4.613 billion bushels. In the 2021/22 marketing year, U.S. soybean production totaled 4.435 billion bushels, the biggest to date.
(Reporting by Mark Weinraub in Chicago. Editing by P.J. Huffstutter.)
Corn, Soybean Production Numbers as Expected in May USDA Report
Oklahoma Farm Report
12 May 2022
In USDA's first detailed forecast of the 2022-23 corn and soybean crops, the May World Agricultural Supply and Demand Estimates (WASDE) pegged corn production at 14.46 billion bushels (bb) and the soybean crop at 4.64 bb with both projections falling in line with the pre-report average estimates.
The outlook for 2022-23 wheat production was pegged at 1.729 bb, up 83 million bushels (mb) from last year, with higher projected yields offsetting a slight decrease in harvested area. Globally, production is forecast at 774.8 million metric tons (mmt), 4.5 mmt lower than last year, based on reduced production in Ukraine, Australia and Morocco.
Taking a look at Ukraine estimates for 2022-23, USDA pegs corn production at 19.5 mmt, less than half of Ukraine's corn production from 2021-22 crop. Corn exports are projected at 9 mmt for 2022-23 in Ukraine, down from 23 mmt for the old crop. For wheat, Ukraine's production was projected at 21.5 mmt for 2022-23, down from 53.51 mmt for the old wheat crop. Ukraine's wheat exports for the new crop are pegged at 10 mmt, nearly one-third of the 29.11 mmt projected for the 2021-22 crop.
You can also access the full reports here:
War Is Just The Latest Factor Behind Higher World Food Prices
Oklahoma Farm Report
12 May 2022
Low-income consumers in import-dependent countries will face the greatest hardships as the unprovoked Russian invasion of Ukraine and other factors push world food prices higher. That is one conclusion from a USDA Foreign Agricultural Service (FAS) analysis released in April. U.S. Wheat Associates (USW) is a cooperating partner with FAS export market development programs.
Bullish Since Late 2020
The FAS analysis looked at factors that affected world food prices in late 2020. They include increased demand led by China, drought-reduced supplies, tighter wheat, corn and soybean stocks in major exporting countries, and high energy prices that have raised farm production costs. The report said Russia’s attack on Ukraine has disrupted Black Sea agricultural exports, pushing prices even higher, and exacerbating high energy and fertilizer costs.
China is one of the leading countries ramping up imports, with import volume doubling in 2020/21 as State Trading Enterprises helped replace and rebuild aging government reserves. Demand for feed-quality wheat also surged.
Protecting Domestic Supplies ...
Lower Exportable Supplies ...