No major updates ahead of March 31st Planting Intentions report
By Diego Flammini, Farms.com
Every industry has reports that come out periodically to give everyone involved in that industry an update and better understanding of what the future holds.
The Organization of the Petroleum Exporting Countries (OPEC) has their monthly oil market report and Scotiabank has their Global Auto Report discussing trends in automobile sales.
Farming and agriculture have their own report – the WASDE.
The United States Department of Agriculture (USDA) released their March edition of the World Agricultural Supply and Demand Estimates (WASDE) report. The report features on many commodities but the focus will be on corn, wheat, and soybeans.
The March WASDE report didn’t have major movements in either direction. Farms.com Chief Commodity Strategist Moe Agostino said that could come when the USDA updates their Planting Intentions report, scheduled to come out March 31.
Corn
The actual numbers from the USDA showed 1.232 billion bushels. The price for corn could be around $4.50/bushel for the spring, up to $5.00/bushel for the summer, but could fall to $2.85/bushel for the fall. The average price could be anywhere from $3.50 - $3.90/bushel. Corn’s February WASDE numbers showed 1.827 billion bushels and March’s pre-report came in at 1.826 billion bushels.
Soybeans
March’s WASDE shows 92 million bushels. The pricing in the spring could see $10.50/bushel, possibly up to $11.00/bushel in the summer and could go as far down as $7.00/bushel in the fall. The soybean numbers for February were 0.385 billion bushels and the March pre-report had them coming in at 0.375 billion bushels.
Wheat
Total wheat from March’s WASDE shows 2.766 billion bushels, the same as February. The prices for wheat can vary. On the high end, Minnesota wheat could get $7.50/bushel in the summer, and in the fall, Cincinnati wheat could go as low as $5.00/bushel.
If you missed Moe Agostino’s webinar, be sure to watch the recording to get up to date on the latest WASDE numbers.
The US Planting Intentions Report is scheduled to come out March 31 and the next WASDE report should be released April 9.