WASDE: Corn Stocks Surprise To The Upside

Fri, 05/11/2012 - 02:12 EDT - Seeking Alpha

By T. Marc Schober:The USDA continued their streak of surprises by increasing ending corn stocks for 2011/12, despite analysts projecting a reduction in domestic corn supplies. The May WASDE also produced the first official projections for 2012/13, with a record high corn yield of 166 bushels. Domestic soybean stocks continue to dwindle as the usage ratio will be at a historically low rate due to increased U.S. exports and decreased South American production.
Corn
Projected U.S. 2011/12 ending corn stocks were increased 50 million bushels to 851 million bushels due to larger than expected wheat supplies and the competitive pricing wheat has compared to corn, implying wheat will be the choice of feed this summer. The 2011/12 projected range for season-average corn prices was $5.95 to $6.25.2012/13 U.S. corn production was estimated to increase by 2.4 billion bushels from 2011/12 to 14.8 billion bushels due to increased harvested area and higher thanComplete Story »

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WASDE: Average Corn Yield Estimate Decreased by 1.5%
T. Marc Schober submits:The USDA updated the U.S. and World balance sheet estimates for major agricultural commodities in the World Agricultural Supply and Demand Estimates (WASDE) report on Friday. Hot and dry weather across much of the U.S. caused a reduction in corn yields, especially in the Midwest. Estimates of U.S. corn yields were decreased to 162.5 bushels per acre, below last year’s record of 164.7 bushels per acre.
WASDE: Corn Balance Sheets Remain Unchanged
By T. Marc Schober:The USDA projected corn balance sheets as unchanged in June, a slight surprise to analysts as they estimated a reduction in supplies due to dry weather in the corn belt. Soybean and wheat supplies were decreased slightly, in line with analysts' expectations. Tuesday marked the first time the Chicago Board of Trade was open during the WASDE's 7:30AM CT release time. Corn
WASDE: U.S. Corn Ending Stocks Unchanged
By T. Marc Schober:The April WASDE forecasted an unchanged balance sheet for U.S. corn. This comes as a surprise as most analysts expected U.S. corn ending stocks to significantly decrease after last month's Quarterly Stocks Report indicated an 8% drop in corn held in all positions. As predicted, soybean production and stocks decreased worldwide. Corn
Record Ending Stocks of Wheat: Why Prices Are Steady
T. Marc Schober submits:The March WASDE Report from the USDA estimated U.S. wheat ending stocks to surpass 1 billion bushels for the first time in 22 years. This causes a concern for some wheat producers since basic economics tell us that when supplies extend higher than demand, prices can decrease.
How to Profit From Agricultural Inflation in 2011
Irfan Chaudhry submits: The USDA's latest World Agricultural Supply and Demand Estimates ((WASDE)) report surprised the corn / grains markets to the upside, as estimates of yield per acre were revised downwards and estimated carried inventories were reduced. The 2010-11 average farm price projection is raised 10 cents on both ends of the trading range to $4.90-5.70/bushel, as cash and futures prices are expected to strengthen.
WASDE: Corn And Soybean Yields Increase
By T. Marc Schober:The USDA's November WASDE held few surprises, but the increase in corn production was not expected. Increased rainfall helped propel soybean production and supplies. Corn, soybeans, and wheat prices are expected to decrease, according to this report. Corn
WASDE: An Agreement Between USDA And Consensus
By T. Marc Schober:It almost seems as if the USDA got together with the consensus to amend their differences as USDA forecasted supplies for corn, soybean, and wheat are in line with the analysts. South America and Russia continue to the be on everyone's radar as yields in South America and government involvement from Russia could affect the grain markets. Corn
Wheat And Corn Pricing Are Surging After One Of The Most Critical Crop Reports Of The Year
Futures contracts for wheat and corn are both trading up big this afternoon since 12 PM ET when the U.S. Department of Agriculture released its monthly World Agricultural Supply and Demand Estimates report.
WASDE: Minimal Changes To Balance Sheet
By T. Marc Schober:The USDA's December WASDE held few surprises as market participants look past the WASDE and into the holiday season. Corn and soybean balance sheets showed little change. Global wheat supplies were increased due to a jump in production. Prices were lowered for all three grains. Corn
WASDE: Largest Corn Yield Reduction In A Decade
By T. Marc Schober:The USDA projected corn yields in 2012 have dropped 12% month-to-month, the largest monthly reduction in the last decade, due to the worst drought in the Midwest since 1988. As expected, the USDA offset part of the yield loss with decreased feed and ethanol demand for corn. The July WASDE also estimated that soybean yields have deteriorated by 3.4% to 40.5 bushels per acre. Corn

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WASDE: Corn Stocks Surprise To The Upside

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