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The March 2021 World Agricultural Supply and Demand Estimates (WASDE) report was largely expected to be a bit of a sleeper. But keeping true to form over the past year, USDA surprised markets by forecasting higher Brazilian soybean production instead of slightly lowering that total. The World Agricultural Outlook Board (WAOB) added 36.7 million bushels of output to Brazil’s soybean crop. USDA’s upward adjustment is meant to reflect increased production for the 2019/20 Brazilian crop. Beginning global soybean stocks for 2020/21 also saw an upward adjustment on Paraguay’s 2019 production, which rose 27.2 million bushels to 38.9 million bushels. But even with the uptick in available stocks, soaring global soybean usage rates will keep ending 2020/21 supplies at the tightest level in twelve years. ....
Agricultural ETFs MOOving Upward: Potash, Fertilizer, and La Niña MOO seeks to replicate the price and yield performance of the MVIS® Global Agribusiness Index. 50% of the companies included in the index derive their revenues from agri-chemicals, animal health, and fertilizers, seeds, and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations, and trading of agricultural products. MOO’s roster includes farm equipment and machinery makers in addition to fertilizer producers, so it’s a diversified agribusiness play. Still, fertilizer exposure is potentially impactful going forward. “Fertilizer producers are next in line to benefit from rising crop prices, with farmers poised to plant more acres in 2021,” reports ....