Cash Strategist 11/9/2022
Global production being monitored
There is growing debate in the market over the accuracy of global production estimates, mainly in South America.
In the October World Agricultural Supply and Demand Estimates (WASDE) report, the USDA projected Brazilian crops of 152 million metric tons of soybeans and 126 million metric tons of corn during the 2022-23 growing season.
These are considerably larger than this year’s crop of 126 million metric tons for soybeans and 116 million metric tons for corn. There are several analysts who feel the Brazilian soybean crop may be even larger, with some at 160 million metric tons.
If accurate, these crops will compensate for the smaller crops in Argentina as drought continues to impact production.
The real question is what the crop size in Brazil means for U.S. exports. The USDA is predicting U.S. corn exports of 2.15 billion...
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