This time of year is quite out in the fields, but as USDA’s acting Outlook Board Chairman, Mark Jekanowski points out, “There’s still a lot of crop developments occurring elsewhere in the world that are going to have implications for the prices that US farmers receive for their crops and the planting decisions ultimately they make.”
And of course the implications of this week’s new round of crop supply and demand forecasts, including those for exports and prices, will have an impact on the farm economy. Jekanowski said South America will be a key market they have their eye on.
“For the soybean crop in Brazil harvest is beginning. Obviously a big competitor in world markets, so we’re going to be interested in assessing the size of that crop, first crop corn as well,” Jekanowski added. “So with those supplies potentially coming on to the market that will affect global prices and prices that us farmers are likely to see in to the spring when they’re making plating decisions.”
USDA will release its new forecasts for supplies, exports, and prices for U.S. crops Friday morning.
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