Cotton Forecast Rises and USTR on Corn Dispute with Mexico
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**U.S. cotton production is forecast at 14.2 million bales for 2022, up 2% from the previous forecast, but down 19% from last year.
In Florida, according to www.morningagclips.com, cotton production, at 170,000 bales, is unchanged from an earlier forecast but up 42% from last year. Sugarcane , at 17.3 million tons, up 1%.
In Georgia: Cotton’s forecast is unchanged at 2.50 million bales, but up 13% from last year. Pecan production is forecast up 47%.
www.morningagclips.com/southern-region-december-crop-production-report/
**The December World Ag Supply and Demand Estimates report says the 2022-2023 corn outlook is for lower exports and greater ending stocks.
Exports dropped by 75 million bushels as export competition and high U.S. corn prices have slowed sales and shipments.
Corn ending stocks grew by 75 million bushels. The season-average corn price dropped ten cents to $6.70 a bushel.
December wheat supply and use outlook is unchanged from last month.
**24 members of the House of Representatives Ways and Means Committee sent a letter to U.S. Trade Representative Katherine Tai asking for a resolution to a lingering trade dispute with Mexico over biotech corn imports.
National Corn Growers Association President Tom Haag says, members are now looking to Ambassador Tai to uphold the integrity of USMCA.
90% of U.S. corn is biotech corn.
