Written Commentary
WASDE SUPPLY/DEMAND HIGHLIGHTS
The report was pretty much as expected to mildly supportive.
Corn
- Ending stocks left unchanged at 1.540 bil. Bu. vs. expectations for a 15 mil. bu. drop
- Ave. US Farm Price was raised $.10 to $4.35 bu.
- Global stocks were cut 3 mmt to 290.3 mmt, below the range of estimates
- Argentine and Brazilian production both cut 1 mmt
- Chinese imports cut 3 mmt to only 10 mmt
Soybeans
- Ending stocks left unchanged at 380 mil. Bu. in line with expectations
- Ave. US Farm Price was lowered $.10 to $10.10 bu.
- Product balance sheets also left unchanged
- Global stocks were cut 4 mmt to 124.3 mmt, below the range of estimates
- Argentine production cut 3 mmt, Paraguay cut .5 mmt, Brazil unchanged at 169 mmt
Wheat
- Ending stocks cut 4 mil. bu. to 794 mil. due to increased usage for food
- Ave. Farm Price unchanged at $5.55
- Global stocks cut 1.2 mmt to 257.6 mmt vs. expectation for no change
- Russian and Ukrainian exports trimmed .5 mmt each, EU down 1 mmt
- Chinese imports cut 2.5 mmt to 8 mmt
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