02/08/2024 – 19:58
The United States Department of Agriculture (USDA) revised downwards, this Thursday (8), its corn stock and production forecasts in the world for the current cycle, due to a smaller harvest in Brazil.
In its monthly Wasde report, the Department estimates that corn production will reach 943.73 million tons (not counting China), instead of the estimated 946.89 million, a reduction that is mainly due to the reduction in Brazilian production by 3 million tons.
Brazil's export capacity has lost strength and now its foreign sales reach 52 million tons, instead of 54 million. “This potentially puts the United States in a leading position in wheat exports (with 53.34 million tons), commented analyst Gautier Le Molgat, general director of the French branch of the Argus Media group.
Although Ukraine's corn production remained stable at an estimated 30.50 million tonnes, its export capacity increased by 2 million tonnes to reach 23 million.
The improvement in Ukrainian exports is also visible for wheat, as the war-fighting country's export capacity has grown to 15 million tons (an increase of 1 million), according to the USDA.
In relation to soybeans, the assessment of world stocks rose by almost 2 million tons. However, the USDA reduced its oilseed production estimate in Brazil to 156 million tons (-1 million).
In the case of wheat, production on the world stage was revised upwards by almost 1 million tons, to 785.74 million, due to a slight increase in Argentina.
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