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“Something for everybody” in February WASDE

Photo courtesy of the U.S. Department of Agriculture (USDA)

U.S. Department of Agriculture (USDA) officials today (Tuesday) released their monthly World Agricultural Supply and Demand Estimates (WASDE).

Traders anticipated “friendly” alterations, but nothing uncommon. One analyst believes today’s report ended up offering “a little bit of something for everybody.”

The latest WASDE report included “friendly, neutral and bearish numbers,” according to Greg McBride, commodities broker with Allendale. Charts supported upward movements immediately after, as officials made friendly revisions to beans and wheat. 

“We had a decrease of 50 million bushels on soybeans. That was attributed to an increase of 50 million bushels on exports. That was what we were looking to see; (it) actually (was) a better move than expected,” McBride said.

Global oilseed production increased, thanks in part to favorable weather in Matto Grosso and improved rainfall in southern and northeastern soybean areas.

“Brazilian production increased by two-million metric tons. That’s a new record for them, as long as that stays,” McBride said. “The same thing (goes) for world ending stocks, (which) were increased by 2.2 million metric tons,” McBride said. 

2019/2020 corn ending stocks remain unchanged, while global corn ending stocks dropped by one-million metric tons.