WASDE Report Steady and China World's Largest Wheat Importer
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**USDA’s latest World Agricultural Supply and Demand Report offers few changes to the outlook for corn, soybeans and wheat.
This month's 2022/23 U.S. corn outlook predicts reductions to imports and food, seed, and industrial use, with unchanged ending stocks.
The U.S. soybean supply and use forecasts are unchanged.
This month's outlook for U.S. wheat predicts slightly higher supplies, reduced domestic use, unchanged exports, and increased ending stocks.
**According to the USDA’s “Grain: World Markets and Trade Report,” China is now the biggest wheat importer in the world.
The report says China’s wheat imports are forecast up to 12 million tons this year, the highest level since 1995-96.
China continues to aggressively import Australian wheat supplies, with July through February wheat imports up 66% compared to the previous year.
**The EPA released its proposed tailpipe emissions standards for 2027 and beyond, and the Renewable Fuels Association says it blatantly tips the scales in favor of electric vehicles.
The RFA says EPA also overlooked a near-term opportunity to achieve significant vehicle efficiency improvements and carbon emissions reductions through increased use of high-octane, low-carbon ethanol fuels.
RFA President Geoff Cooper says, we strongly disagree with the policy approaches that arbitrarily pick technology winners and losers with no clear scientific basis.
