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World Agricultural Supply and Demand Estimates Report (WASDE)
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum. |
Soybeans were higher on commercial and technical buying. 2015 U.S. soybean production was a new record, but down from USDA’s November estimate. Quarterly stocks were up on the year, while ending stocks were a little tighter. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. Unknown destinations bought 140,000 tons of 20015/16 U.S. soybeans.
Corn was higher on commercial and technical buying. 2015 corn production was lower than expected, and below the November estimate and the 2014 total. The average yield was also below previous expectations. Quarterly and ending stocks were very close to pre-report projections. Lower wheat acreage could lead to an increase in corn and soybean acreage this year. Ethanol futures were higher.
The wheat complex was higher on commercial and technical buying. 2016 winter wheat acreage was below expectations and down 7% on the year. That’s cancelling out bigger than expected supply numbers. Also, this continued pattern of winter wheat planting in the U.S. and abroad should help to alleviate the overwhelmingly bearish global supply and demand outlook, at least eventually. Japan is tendering for 140,700 tons of food wheat from the U.S., Australia, and Canada.