Wheat futures market inverts post-WASDE release

On Thursday, Jul. 11, Jul-19 wheat futures rose 4.8 percent to a six-week high of $5.36 following the June WASDE release. This price is higher than both the Sep-19 and Dec-19 futures contracts, at $5.21 and $5.32, respectively. Jul-19 contract prices rose in reaction [...]

WASDE: New crop corn acreage & production forecasts increased

USDA forecasts U.S. corn acreage to increase to 83.6 million, up 1.2 million acres from the June WASDE report and the same figure reported on the June 28 Acreage report. The corn crop yield remained at 166.0 bushels per acre, 10.4 bpa less than [...]

USDA estimates corn acreage up, soybean down

The USDA Acreage report surprisingly estimates planted corn acreage at 91.7 million acres, a few million acres above pre-report estimates and slightly higher than the June WASDE forecast. On the other hand, soybean planted acreage is estimated at an even 80 million acres, a [...]

Lower 2018/19 soybean exports raise ending stocks

Today’s S&D update was quieter for soybeans than corn, with the only change being a 75 million bushel reduction in 2018/19 ending stocks. This one change pushed estimated 2018/19 ending stocks past 1.0 billion bushels and carried projected 2019/20 ending stocks near a similar [...]

WASDE: Bearish corn & soybeans, sugar more steady

In the May 10 WASDE report, USDA’s 2019/20 forecasts left corn and soybeans in bearish territory, while sugar showed stability. U.S. corn stocks-to-use (STU) ratio was projected at nearly 17 percent, with ending stocks for 2019/20 expected to rise 16 percent compared to 2018/19. [...]

A closer look at sugar deliveries, demand growth USDA forecasts for demand growth

USDA estimates sugar deliveries for food use shrank by half a percent in 2017/18 and as of last WASDE forecasts a 0.6 percent increase for that volume in 2018/19 at 12.125 million STRV. This volume is unchanged from forecasts in the previous months, though [...]

WASDE: USDA lowers corn use, raises soybean crush

Today’s WASDE report confirmed the market’s expectation for lower corn utilization for ethanol, which USDA lowered by 25 million bushels, to 5.550 billion bushels. USDA also lowered U.S. corn exports by 75 million bushels, a move that was less expected but not out of [...]