Highlights
Agrinvest considers the 2022 global corn crop the biggest failure since 1996. Crops failed in parts of the US, Europe, Ukraine and Argentina. In all, the reduction exceeds 50 million tons from a year ago. USDA reports on its world S&D the corn produced in 2022 was 61 million mt (2.41 billion bushels, 5%) less than the corn produced in 2021.
In Kansas, the largest wheat producing state in the United States, just 19% of its acres are rated good to excellent for the first crop rating of the year this past week.
Rumors are flying this weekend that China has bought as much as 1.5 million mts of US corn and a lesser amount of beans.
Brazil’s cotton exports in February were the lowest amount in six years. We are thinking rain damage and rain delayed harvest were the reasons.