WASDE Report Shows Larger Corn Production, Slightly Smaller Stocks
In the latest World Agricultural Supply and Demand Estimates (WASDE) report, the USDA outlook for U.S. corn calls for larger production, increased ethanol use, and marginally lower ending stocks. Production is forecast at 15.062 billion bushels, up 43 million from last month’s projection on a record high yield.
Exports are raised for Argentina and the EU but lowered for Bangladesh. For 2020/21, corn exports for Argentina are raised but reduced for Brazil for the local marketing year beginning March 2021.
The projected season-average corn price was unchanged at $5.45 per bushel.
CBOT corn futures reacted to the bullish news, gaining approximately 9 to 10 cents per bushel as of writing.
Soybean production was pegged at 4.42 billion bushels, down 23 million due to lower yields. Prices for soybeans were down 25 cents at $12.10 per bushel. Soybean meal and oil prices are unchanged at $325.00 per short ton and 65.0 cents per pound, respectively.
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