Following recent reports of record coffee harvests comes news that Ukraine, Argentina and the U.S. are expecting record corn and soyabean crops. It would appear that record warm years have been exceptionally good for global agriculture as stocks of cereal, rice and coarse grains all reached record levels.
BUENOS AIRES, Aug 8 (Reuters) – Argentina is expected to produce a record crop of wheat and corn during the 2018-19 season as farmers planted more hectares of both than in previous years, the Rosario grains exchange said on Wednesday.
US forecasts record soyabean crop
The US government has forecast the largest soyabean crop in history thanks to a favourable growing season, putting more pressure on prices for a commodity that has already been hit by Chinese tariffs.
The US Department of Agriculture said the 2018 US soyabean crop would total 4.59bn bushels this autumn, up 4 per cent from last year’s record 4.39bn bushels. The forecast reflected a bumper yield of 51.6 bushels per acre and widespread plantings across the Midwest.
The estimate suggests that farmers will have plenty of soyabeans to sell, albeit at lower prices. The department said the US would still be storing 785m bushels of leftover soyabeans next summer, a forecast up 205m from last month…. The USDA also forecast a larger-than-expected corn crop of 14.6bn bushels, thanks in part to a record yield of 178.4 bushels per acre.
But harvests in Western Europe have been hit by drought conditions this year.
Southern Europe may salvage EU maize harvest but huge imports loom
Favourable prospects for maize in southern Europe could help offset damage from drought and heatwaves further north, but the EU is still expected to import a record amount to feed livestock following a poor wheat harvest, analysts said.
Widely followed analysts Strategie Grains on Thursday increased slightly their European Union grain maize crop forecast, as upgrades for countries like Romania balanced cuts in Germany or France.