USDA Grain Transportation Report (5/19): Crop Projections Signal Lower Demand For Transportation
Projections contained in the U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates, if realized, would dampen the demand for grain transportation in marketing year (MY) 2022/23.
The good news from the May 12 report is that soybean production is forecast at a record 4.64 billion bushels.
The bad news is that, even when combined with wheat production that is estimated to exceed MY 2021/22, total production of grain (corn, soybeans, and wheat) is projected to decrease 2% from MY 2021/22 to MY 2022/23.
Domestic use and exports are projected to slip for corn and wheat, but to increase for soybeans.
Domestic use and exports of the three crops combined are predicted to decrease 2% and 1%, respectively, in MY 2022/23 from 2021/22.
Such declines, in turn, would lessen the need for grain transportation.
This article comes from the U.S. Department of Agriculture's (USDA) May 19, 2022, Grain Transportation Report.
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