USDA Reports
USDA’s first official net farm income forecast shows an expected 16% drop in 2023 net farm income, largely due to a decline in commodity prices and government payments with higher expenses and costs at the farm level.
Jon Scheve discusses how issues in Ukraine and Brazil may mean upside potential for corn.
USDA’s January reports last week sent some supply shocks to the market. The agency penciled in a 1.6 million-acre-drop to U.S. unharvested corn acres, but the bigger concern may be the trend of dropping demand.
A few surprises came out of USDA reports, including a 1.6 million acre drop in U.S. corn acres. As a result, the U.S. crop balance sheets continued to tighten and corn and soybean prices shot up on Thursday.
This article discusses the highlights of this week’s USDA report that provides more information on the US grain supply.
Brian Splitt, AgMarket.Net, says: USDA cut export demand for corn, ethanol and soybeans. That’s going to be the theme — a lower crop but also demand.
Ahead of the report, analysts expected a drop in corn yield, but not soybean yield — and the market responded quickly, says Bill Biedermann, AgMarket.Net co-founder.
Grains are mixed reacting to the USDA Grain Stocks Report, Black Sea news and outside markets. Livestock mixed with cattle breaking to new lows for the move. Michelle Rook talks with Matt Bennett of AgMarket.Net.
Another surprise -- corn acres climbed rather than fell versus March intentions.
USDA’s World Agricultural Supply and Demand Estimates for January reflect higher ending stocks for both corn and soybeans.