USDA’s downgrading of global crop yield estimates is bullish for producer prices
The United States Department of Agriculture’s (USDA) downgrading of estimates for world stocks of wheat, corn and soybeans in its latest WASDE Report released on 11 July 2012 provides a bullish background for producer prices, according to Offre & Demande Agricole UK Ltd.Leo von Kameke, a market analyst for Europe’s leading provider of independent grain market intelligence services to the farming and agri-food industry, states: “In June, the USDA estimated world stocks of wheat, corn and soybeans at 185.8 million tonnes (MT), 155.7MT and 58.5MT respectively. Its latest report downgrades