WASDE Watch: The war in Ukraine is sparking interest in South America’s corn crop in upcoming report
In just a few days, the USDA will release its latest World Supply and Demand forecast, and among several key areas, experts are focusing on South America’s second corn crop.
USDA Outlook Chairman Mark Jekanowski says a lot of the interest in the South American crop is a result of the war in Ukraine, with the blockade at the ports causing disruptions in the supply chain worldwide.
“People who were concerned about global supply conditions are really hoping for a big corn crop out of Brazil to help fill some of that gap left from Ukraine if Ukraine is unable to produce as big a crop as usual.”
We will also get more answers about the ag impacts of the war in Ukraine. The WASDE report will include USDA’s assessment of the situation there. Jekanowski tells us what information we can expect.
“Our analysts are continuing to look at the political situation, look at of course, the weather and any information they can gather on planting progress and all of that. Clearly, there’s still a lot of uncertainty. There’s talk about Russia opening up a humanitarian corridor, maybe to allow some exports.”
He says the outlook will be based on what is happening in Ukraine at the time of the report, not on guesses about what could happen. That report comes out Friday at noon eastern. Look for results on the Market Day Report.