Corn and soybean prices fell after USDA estimates for US supplies were larger than markets had expected, but wheat failed to rise on a deep cut to world inventory hopes, finds CRM Agri.
The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report was released on Friday, with few unexpected changes, noted a review by AHDB.
Renewal of the UN brokered Black Sea grain export corridor remains a key watchpoint in markets, with it set to expire on Thursday this week, notes the AHDB.
The USDA forecast a cut in Argentina’s dryness-threatened soybean crop of 8Mt to a 14-year low of 33.0Mt, a bigger downgrade than investors had expected.
This month’s WASDE saw corn production in the US forecast higher, to 353.84Mt, a slight hike on the 352.95Mt estimated in October, leading to a slightly eased ending stock projection.
Russian consultancy, Sovecon, has further raised its forecast for Russia’s wheat harvest, now at 94.7Mt, up from a previous 90.9Mt estimate, due to what it says are record yields and rain improving the outlook for spring wheat.
The USDA released its May World Agricultural Supply and Demand Estimates (WASDE) report yesterday, which includes the first official look toward next season.
Markets have had a mixed reaction to the January WASDE. Initially, falling following the publication of the USDA’s report, they recovered quickly, thereafter.
The was limited revision to soybean and corn estimates in the latest WASDE but the global wheat supply and demand this month has eased slightly, with the report forecasting an increase in global production estimates.
The June WASDE continued to reflect the improving conditions in Europe, Ukraine and Russia, while the US and Brazil remain a concern, say commentators.
This week saw the USDA release its first official look to World Agricultural Supply and Demand Estimates (WASDE) for next season, alongside the first time that the UK has been split from the EU, an interesting report in what has been a big data week,...
In terms of wheat, the December USDA WASDE has been largely overshadowed by the possibilities of an export tax being placed on Russian wheat later this season, said Peter Collier, analyst, CRM AgriCommodities.
The USDA, citing lower supplies in the US and higher foreign use, reduced global soybean ending stocks by 4.9m tons to 88.7m, according to the latest WASDE report.
In the latest World Agricultural Supply and Demand Estimates (WASDE) report from the US Department of Agriculture (USDA), global maize production for 2020/2021 was cut by 25.27MT to 1163MT.
In what is going to be a week focused on supply and demand with the next USDA WASDE out today, the most recent US Crop Progress report gave little in the way of shocks, says CRM AgriCommodities
Bearish and bullish surprises in new feed crop production and use data. as the WASDE report shows an increase in corn and soybean yields balanced by a boost to corn feeding, says analyst.
As global ending stocks increase, US corn and soybean production see yields remain steady and anticipated production declines may not materialize, says analyst.
The US Department of Agriculture (USDA) forecasts reduced production for some feed grains including corn, soybeans and sorghum even as corn yields see a slight boost.
Feed crop quality continues to be uncertain for feed users, even as questions remain about total production for current corn and soybean crops, says analyst at Iowa State University.
Delayed planting continues to prompt questions about US feed crop acres and production and now highlights the uncertainty of some USDA data in the WASDE report, says analyst.
Delayed corn production and lost acres, along with questions about soybean production levels, point to the probability of higher feed costs for producers, says analyst.
Although the WASDE report brought bearish news for feed crop producers, there was little change in the commodity markets, said Chad Hart, associate professor of economics, crop markets specialist and extension economist with Iowa State University.
The USDA predicts larger domestic supplies of corn and wheat from export market challenges while ending stocks for soybeans drop and producers watch spring weather.
CRM AgriCommodities says global oilseeds values have edged higher this week as markets sensed a more optimistic tone in the trade negotiation between the US and China.
Missing USDA feed crop production data for the US and other countries add more uncertainty for US producers, as some companies predict a drop in US, Brazilian production.
Reporting on the US feed industry, it isn’t always possible to get the answer to every question. However, there is a special kind of frustration when the person or agency you are reaching out to can’t answer your question – because they are at stuck at...
