Global Economy
But small by-class adjustments are made to projected exports and stocks.
China holds more than half of the world’s growing cotton stockpile, and it’s running out of storage space.
China is hoarding a record amount of cotton, increasing the risk of a supply surge that would tip prices into a bear market.
Estimate increased by 2.2% from figure projected in June.
While China’s agricultural output has surged along with its robust economic growth, state-run stockpiles are overwhelming demand and prompting the government to reevaluate costly buying programs intended to bolster food security.
So far, favorable South American weather forecasts support estimates of increased crop production in Brazil and Argentina. As a result, some analysts are betting on bigger U.S. ending stocks.
Brazil ‘s government grain agency CONAB raised its estimates Tuesday for record bumper crops of soybeans and grains.
Brazil’s farm economy will rebound in 2017 with a record harvest pushing up grain exports and expanding the country’s livestock industry, according to analysts’ forecasts.
Just in time for Thanksgiving, the U.S. Environmental Protection Agency boosted soybean futures Wednesday by raising 2017 biofuel mandates to record levels.
Malawi is so desperate for food to stave off a hunger crisis that the government may buy a type of corn that the country mainly uses as livestock feed.