In this file:

 

·         USDA Lowers New Crop Corn Estimate in First 2022/2023 Projection

·         Corn, Soybean Production Numbers as Expected in May USDA Report

·         War Is Just The Latest Factor Behind Higher World Food Prices

 

 

USDA Lowers New Crop Corn Estimate in First 2022/2023 Projection

WASDE Report Projects Larger U.S. Soybean Stocks vs. Year Earlier.

 

By Dan Looker, Successful Farming

Agriculture.com - 5/12/2022

 

Thursday’s World Agricultural Supply and Demand Estimates, which included its first projections for the 2022/2023 marketing year, showed lower global wheat supplies and consumption, increased trade, and lower ending stocks.

 

2021/2022 WORLD CROP PRODUCTION

 

On Thursday, the USDA pegged the 2021 Brazilian soybean production at 125.0 mmt vs. the USDA’s estimate last month of 125.0 mmt. and the trade’s expectation of 124.5 mmt.

 

For corn, Brazil’s output is seen at 116.0 mmt. vs. the trade’s expectation of 113.9 mmt. and the USDA’s April estimate of 116.0.0 mmt...

 

2021/2022 U.S. ENDING STOCKS ...

 

2022/2023 U.S. ENDING STOCKS ...

 

2021/2022 WORLD ENDING STOCKS ...

 

2022/2023 WORLD ENDING STOCKS ...

 

TRADE REACTION

 

 “Global balance sheets for corn and wheat continue to tighten. These projections suggest the world will be facing relatively high food prices for an extended period,” says Jake Hanley of Teucrium Funds...

 

more

https://www.agriculture.com/news/business/usda-lowers-new-crop-corn-estimate-in-first-20222023-projection

 

 

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:

 

more

http://www.oklahomafarmreport.com/wire/news/2022/05/02333_WASDE05122022_114910.php

 

 

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 ...

 

more

http://www.oklahomafarmreport.com/wire/news/2022/05/02337_War_Is_Just_The_Latest_Factor_Behind_Higher_World_Food_Prices_05122022_120445.php