June 1, 2012 Ag Exports Show Increase
FinNews reports that due to hot and dry weather along the corn belt, corn conditions fell 5 percent last week. However, Tuesday’s USDA Crop Progress reported that 92 percent of the U.S. crop has already emerged, with 72 percent in good to excellent condition. 96 percent of wheat has emerged, with 79 percent in good to excellent condition. The Department of Agriculture improved its 2012 agricultural export forecast to $134.5 billion, a $3.5 billion increase from February.
Due to similar good weather, Brazil’s 2011-12 corn harvest is forecast to surpass 67 million tons, 2.6 billion bushels, a 13.5 increase over last year’s numbers. Due to recent flooding in key areas of its farm belt, Argentina cut its soybean harvest forecast by 1.1 million metric tons to 39.9 million. Argentina’s corn forecast was also fell 500,000 tons to 19.3 million. In response to Argentinean lawmakers passing a land tax hike, farmers throughout the region are halting grain sales for nine days in protest.
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