USDA Reports
Lance Honig, acting director of the NASS methodology division, says budget constraints led to the agency’s decision. The County Estimates data was used over the years, in part, to determine federal farm program payments.
USDA’s April WASDE report showed larger wheat and soybean ending stocks, but smaller ending stocks for corn. More surprising, still, was the lack of changes to South America’s crop estimates.
Jon Scheve discusses highlights from the USDA report and trends of where prices have gone after this report in past years.
Jerry Gulke, president of The Gulke Group, says even though the quarterly stocks number for corn came in below the trade guess, he thinks it is more bullish than it looks on the surface due to hidden corn disappearance.
The March Ag Economists’ Monthly Monitor found nearly 80% of those surveyed say soybeans pencils better than corn this year, but economists still increased their corn acreage projections slightly in the latest survey.
With the exception of Chicago wheat, grain markets scored higher weekly closes and ended above the 20-day moving average for the first time in weeks, according to Darren Frye, Water Street Solutions.
USDA cut its estimate for Brazil’s soybean production by 1 MMT in the March WASDE report, which was less than what the trade expected. USDA didn’t make any cuts to Brazil’s corn.
Until USDA’s May WASDE report rolls around, these acreage, yield, supply and ending stock figures are the talk of the town.
USDA’s Ag Outlook Forum in Washington, D.C., this past week confirmed growing stocks in 2024/2025. Analysts say without a sudden supply disruption, the commodity price outlook remains grim.
Oklahoma State’s Derrell Peel points out with the U.S. beef cow herd the smallest since 1961 and the all cattle inventory the lowest since 1951, it’s setting the cattle market up for higher highs.