The United States Department of Agriculture (USDA) reports that the nation’s farmers are off to a fast start this planting season, which could impact the supply-side factors in their May reports. However, Iowa State University Agricultural Economist Chad Hart said that seems unlikely.
The number crunchers at Iowa State University expect the May WASDE report to maintain supply estimates, but they are closely watching demand. Hart said he anticipates a decrease in new crop soybean exports to China due to tariffs, but we could also see redirection to other markets.
The USDA has indicated that it will use the existing trade and tariff policies on the day of the report to calculate export demand across the planet. The May WASDE report will be released on May 12.
