The U.S. Department of Agriculture (USDA) recently updated global cotton, grain and oil supply and demand estimates and trade. Among them, the USDA significantly reduced its 2010/2011 corn and soybean production and ending stocks.
The USDA is one of the most authoritative institutions in the global agricultural research institutes. Therefore, the USDA estimate data update usually has a very significant impact on the global agricultural product (15.72, -0.06, -0.38%) spot and futures markets.
Specifically, the U.S. Department of Agriculture lowered the 2010/2011 corn production in the United States and Argentina, and reduced global corn production from 820.7 million tons to 816 million tons. In comparison, the global corn carryover at the end of last year was 3 million tons lower than the forecast in December 2010, and the reduction rate was 2%. In terms of global corn demand, the US Department of Agriculture estimates that global corn consumption will increase by 2.9% in 2010/2011. Among them, the countries with rapid growth in consumption include the United States, Argentina, Brazil, and China.
At the same time, the USDA continued to downgrade global oil production. The main varieties that were downgraded were soybean production in the United States and Argentina. The U.S. Department of Agriculture said that due to the continuing effect of La Nina weather, the impact of soybean production in Argentina has been particularly pronounced, with output falling from 54.5 million tons in 2009/2010 to 50.5 million tons in 2010/2011. Global soybean production forecast for 2010/2011 is reduced from 257.8 million tons to 255.5 million tons. At the same time, the USDA lowered global oil production from 442.6 million tons to 440.4 million tons.
The USDA is one of the most authoritative institutions in the global agricultural research institutes. Therefore, the USDA estimate data update usually has a very significant impact on the global agricultural product (15.72, -0.06, -0.38%) spot and futures markets.
Specifically, the U.S. Department of Agriculture lowered the 2010/2011 corn production in the United States and Argentina, and reduced global corn production from 820.7 million tons to 816 million tons. In comparison, the global corn carryover at the end of last year was 3 million tons lower than the forecast in December 2010, and the reduction rate was 2%. In terms of global corn demand, the US Department of Agriculture estimates that global corn consumption will increase by 2.9% in 2010/2011. Among them, the countries with rapid growth in consumption include the United States, Argentina, Brazil, and China.
At the same time, the USDA continued to downgrade global oil production. The main varieties that were downgraded were soybean production in the United States and Argentina. The U.S. Department of Agriculture said that due to the continuing effect of La Nina weather, the impact of soybean production in Argentina has been particularly pronounced, with output falling from 54.5 million tons in 2009/2010 to 50.5 million tons in 2010/2011. Global soybean production forecast for 2010/2011 is reduced from 257.8 million tons to 255.5 million tons. At the same time, the USDA lowered global oil production from 442.6 million tons to 440.4 million tons.
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