Latest WASDE falls in line with trade expectations

Published 2020년 7월 10일

Tridge summary

The latest USDA WASDE report showed few surprises with crop yields remaining the same from previous reports. New crop corn ending stocks were in line with trade expectations at 2.648 billion. The report also saw a decrease in projected feed and residual use of corn due to a smaller crop and expected higher prices, while food, seed, and industrial use increased. Soybean ending stocks also increased, with a focus on China's purchasing and weather. Wheat production was reported lower than expected at 1.824 billion bushels, and world stockpiles of wheat were down by 1.3 million metric tons. Foreign corn production remains largely unchanged, with some adjustments for Russia, Bolivia, and Canada.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

There were few surprises in the latest United States Department of Agriculture’s WASDE report, with yields of principal crops left unchanged from previous reports. The USDA reported new crop corn ending stocks at 2.648 billion, mostly inline with trade expectations. According to Matt Pot, with Grain Perspectives, even China buying more corn on the heels of the report did not seem to impress the markets enough to make major moves. The focus on the supply/demand balance sheet will now shift to weather, as exports can only do so much, he says. Projected feed and residual use was lowered in the report by 200 million bushels, reflecting a smaller crop and higher expected prices. Food, seed, and industrial use is raised 25 million bushels, based on projected increases in the amount of corn used for beverage and manufacturing, starch, and glucose and dextrose. U.S. soybean ending stocks increased, with new crop ending stocks up 30 million bushels to 425 million, which was slightly less ...

Source: Real Ag