Last week, USDA released its May World Agricultural Supply and Demand Estimates report, which presents the department’s initial assessment of U.S. and world crop supply and demand prospects for 2018/19.
According to the Grain Transportation Report, USDA projects the U.S. will produce 522.7 million metric tons of corn, soybeans, and wheat in 2018/19, down 3% from last year and the 3-year average.
Despite the drop in grain production, grain movements could increase slightly in the upcoming marketing year, as USDA forecasts grain exports to grow 2% and domestic consumption to remain stable compared to 2017/18.
