Tuesday’s release of the World Agriculture Supply and Demand Estimates report did little to shake up commodity markets as the figures in it were largely unchanged from the previous month’s estimates.
The domestic supply outlooks for wheat and corn were unchanged from last month’s report and USDA left soybean supply and use projections “mostly unchanged.” But USDA did ding expected prices for corn and soybeans, dropping both a nickel to $3.80 per bushel for corn and to $8.70 per bushel for soybeans.
Rice supplies and use were left unchanged, as was the projected all rice season-average farm price, but USDA’s “other states” medium grain price dropped 20 cents per hundredweight to $11.90.
USDA did tweak the figures it projects for cotton as it lowered production, price, and ending stocks forecasts and raised the forecast for total red meat and poultry production.
Arlan Suderman, chief commodities economist for INTL FCStone, said in a tweet the WASDE was a “pretty benign report overall,” which led markets to trade on “the whip-sawing action of the latest coronavirus emotions.”
Corn, soybean, and wheat contracts finished higher on the day with March soybeans showing the largest gain at 9.5 cents. Live cattle, feeder cattle, and lean hogs also finished higher as the markets recovered from sharp Monday drops.
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