USDA surprises and estimates smaller area in the US than expected

O United States Department of Agriculture (USDA) returned to surprise the market on Wednesday, 30. The US agency projected that the growth of areas planted with soybeans and corn will be well below expectations.

In the case of oilseeds, the USDA projects 35.4 million hectares. The forecast released in the Outlook Forum was 36.4 million hectares. The corn crop, on the other hand, will have almost the same area as the previous cycle, advancing only 0.1% and reaching 36.7 million hectares.

“It is, frankly, a bullish number for the Chicago market, which has already skyrocketed,” says market analyst Carlos Cogo, of Cogo Inteligência em Agronegócio.

This should represent a production lower than expected so far, which further complicates the situation of US stocks, which were also estimated below market expectations, weeks ago.

Soon, Cogo says that futures contracts traded on the Chicago Stock Exchange are going up and are expected to continue throughout this Wednesday.

Source

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