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WASDE Pre Report Analyst Estimates [Feb. 10, 2014]

The second World Agricultural Supply and Demand Estimates Report, or WASDE, report of 2014 comes out today.  WASDE reports serve as a commodity outlook for United States and world agriculture.

Moe Agostino, Managing Commodity Strategist for Farms.com had this to say ahead of today’s report.

“Nearby corn futures are up +$0.38/bushel after hitting a low on January 10th  2014.  Soybeans +$0.599/bushel and Chicago Wheat +$0.084/bushel ahead of 2014 February WASDE report. The trade is expecting that the USDA will increase the export pace for corn, soybeans and wheat and therefore 13/14 ending stocks will be reduced slightly vs. last month, 11 million bushels lower for corn, 7 million bushels lower for soybeans and 5 million bushels lower for wheat.”

Please see chart below for all the pre-report estimates:

CORNFebruary 2014 Average Pre-Report Analyst EstimateFebruary 2014 Pre Report Analyst RangeJanuary 2014 USDA  Estimate2012/13
Ending Stocks (In bbu)1.6191.574 - 1.7481.6310.824
Global Carryout (in mmt)159.6156.27 - 163.20160.23134.86
Argentine Corn (in mmt)23.8219.8 - 25.0 2526.5
Brazilian Corn (in mmt)69.9966.1 - 74.07081

If you’re interested in Farms.com’s risk management services, Agostino is offering growers an eight-week FREE trail on grain and marketing.  Click here to sign up.

Agostino will host a webinar on today’s WASDE report. Here’s the breakdown of what he will cover:

11:45am - Agostino will briefly go over the pre WASDE expectations and answer some questions until the report is released.
 
12:00pm -  The WASDE report is released, Agostino will give his analysis of what the numbers mean and how they will affect the market in the days to come.
 
12:15pm -  Agostino will present a PowerPoint going over the change in trend of five commodities (corn, soybeans, wheat, oats and the Canadian dollar) and his outlook for the coming month.
 
12:25pm - Agostino will open the floor to any questions
 
12:30pm - Webinar Ends


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