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The US Department of Agriculture’s National Agricultural Statistics Service (NASS) has revised down its soybean supply forecast for 2023/24 based on lower yield.
The EU executive arm announced at the end of last week that the import ban on grain and oilseeds from Ukraine in five neighbouring EU countries has expired.
Corn and soybean prices fell after USDA estimates for US supplies were larger than markets had expected, but wheat failed to rise on a deep cut to world inventory hopes, finds CRM Agri.
The US Federal Reserve continued to dominate the macro picture over the past month. US inflation rose from 3.0% to 3.2% in July, the first monthly hike in inflation since June 2022. Consequently, markets still see some room for rates to move higher, which increases the probability of a stronger economic downturn once those rates filter through to the economy, reads CRM Agri’s Global Agricultural Economic Outlook.
The latest WASDE report cut forecasts for world production of corn, soybeans, and wheat in 2023/24.