The USDA launched its February WASDE (World Agricultural Supply and Demand Estimates) report Wednesday morning.

Dan Basse is president of AgResource Company in Chicago.

“About as boring as they get, and that’s commonplace for February,” he talked about. “They decrease the U.S. soybean end shares by 25 million bushels by elevating crush a like amount and made no completely different changes of substance. In corn, inside the United States, they left the soundness sheet the an identical at 1.54 billion bushels. Wheat, they actually raised end shares 20 million bushels, citing a lower export profile by 20 million bushels.”

Basse says they did make some changes internationally.

“They decrease the Brazilian soybean crop 5 million metric tons, now 134. Three million metric tons beneath ultimate 12 months after which they made reductions moreover by one and half million tons to Argentina and a few.2 million metric tons to Paraguay. All combined now inside the ultimate two critiques, USDA’s decrease about an 18 million metric tons of soybeans for about 800 million bushels. That is supportive to the soybean market. Other than that, we’ll be looking at South American local weather and whether or not or not China continues to be an aggressive purchaser of U.S. soybeans going forward.”

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