10 December December USDA Supply & Demand December 10, 2020 By John Roach USDA Supply/Demand Supply/Demand USDA WASDE 0 December 2020 USDA Supply & Demand: USDA cuts bean stocks slightly. Corn left unchanged. The USDA delivered a typical December WASDE report. They acknowledged the faster than expected pace of domestic crush and raised crush by 15 million bushels. Surprisingly, exports were left unchanged. U.S. corn estimates were left unchanged. U.S. wheat imports were reduced by 5 million bushels and exports were increased 10 million bushels, leaving carryout 15 million bushels smaller. The USDA reduced Argentine corn and beans production by 1 million metric tons each. Brazil production was left unchanged. After further analysis, this report was a non-event. Without new bullish fundamental news to support a rally, we could see markets rollover as funds exit winning positions before the end of the year. Get ready for Buy Signals in corn and beans. Source: USDA, Reuters, StoneX Related Posts January 2021 USDA Supply & Demand, Grain Stocks, and Winter Wheat Seedings January 2021 USDA Supply & Demand, Grain Stocks, and Winter Wheat Seedings: USDA tightens stocks The USDA reduced nearly all U.S. numbers below the average trade estimate. Supplies are smaller than traders thought, and markets surged. The biggest surprise in today’s estimates came in the corn market. The USDA reduced the U.S. 2020 corn yield by 3.8 bushels from their December estimate, taking it down 3.3 bushels from the average trade estimate. U.S. corn production was pegged at 14.182 billion bushels, down from 14.507 billion bushels in December. U.S. corn carryout was cut 150 million bushels, down to 1.552 billion bushels. The USDA also reduced the U.S. bean yield by 0.5 bushel/acre down to 50.2 bushels per acre, 0.3 bushels below trade estimates. That pulled U.S. bean production down 35 million bushels from the December estimate and 23 million below trade estimates. The USDA pegged U.S. soybean carryout at 140 million bushels down from the December estimate of 175 million bushels. This was one of a few estimates that were bigger than the trade expected, their guesses averaged 139 million bushels. U.S. wheat carryout ... October USDA Supply & Demand The USDA pegged the U.S. wheat carryout at 883 million bushels, 42 million bushels below their September report and almost exactly what the trade expected. The smaller stocks came from a 0.4 average bushel per acre reduction, slight adjustment in usage and the carry-in stocks revision. The USDA pegged U.S. corn yield down 0.1 bushel per acre, slightly larger than trade estimates. Harvest acreage was reduced by 1 million acres and usage was cut by 100 million bushels, split between export and domestic. Corn ending stocks were reduced but were slightly higher than trade estimates and growers still have more than 2 billion bushels scheduled for a birthday. The USDA pegged the U.S. soybean yield at 51.9 bpa, unchanged from last month, but 0.3 bushels bigger than traders expected. The positive news came in the bean harvested acreage which was also cut by 1 million acres. In addition, exports were increased by 75 million bushels. The bean carryover estimate came in at 290 million bushels, well below trade estimates of 369 million bushels and last month’s estimate of 460 million bushels. If you look ... November USDA Supply & Demand The USDA reduced U.S. corn and bean yield and production estimates even more than traders expected, giving us a solidly positive report for corn and beans. Wheat, not so much. Soybean production was forecast at 4.17 billion bushels, down 98 million bushels on smaller yields. Soybean ending stocks were reduced by 100 million bushels from last month. Foreign oilseed production was lowered 5.6 million tons to 473.3 million tons. Corn production was forecast at 14.507 billion bushels, down 215 million bushels from last month, with yields cut to 175.8 bushels per acre. Corn exports were also raised by 325 million bushels to a total of 2.065 billion bushels – a new record. Feed and residual use was cut by 75 million bushes and ending stocks were cut by 465 million bushels to 1.7 billion bushels, the smallest since 2013-14. Global corn ending stocks were 291.4 million tons, down 9 million from last month. Wheat usage was raised by 5 million bushels based on higher food use during the marketing year. Ending stocks were reduced by 6 million bushels to 877 million bushels. China’s import pace continues to ... Comments are closed.