Not much movement reported in either direction
By Diego Flammini, Farms.com
Every industry has reports that come out periodically to give everyone involved in that industry an update and better understanding of what the future holds.
The Organization of the Petroleum Exporting Countries (OPEC) has their monthly oil market report and Scotiabank just released their Global Auto Report discussing trends in automobile sales.
Farming and agriculture have their own report – the WASDE.
The United States Department of Agriculture (USDA) released their February edition of the World Agricultural Supply and Demand Estimates (WASDE) Report. The report focuses on many commodities but the focus will be on corn, wheat, and soybeans but also touches on pork, cattle and poultry products.
Corn
February’s WASDE report has corn coming in with an ending stock of 1.827 billion bushels, a reduction of 50 million bushels from January’s 1.877. Corn use, however, saw an increase. Lower prices at the gas pumps is boosting ethanol demand. The pricing for corn is projected to be somewhere between $3.40 and $3.90 per bushel.
Soybeans
The recent WASDE report has soybean ending stocks at 385 million bushels, down 25 million from January’s reports. The price projection for soybeans remained unchanged, going for prices ranging from $9.45 to $10.95 per bushel.
Wheat
Wheat’s ending stocks saw an increase coming in at 692 million bushels, up from January’s report of 687 million. Prices of wheat are projected to be between $5.85 and $6.15 per bushel.
Moe Agostino, Chief Commodity Strategist for the Farms.com Risk Management team says the lower ending stocks in corn and soybeans is good news, but there’s still large amounts of the crops available.
The next WASDE report is due out Tuesday, March 10.
