|
| Here are our highlights from Friday's WASDE. We will have our yield forecasts by state out in the next week with daily updates.
May 10 WASDE Report Highlights
The report was supportive due to tighter world stocks and tighter corn US ending stocks. The USDA appeared to reaffirm its position on lower acres, taking planted corn to 90 million. Ending stocks came in 182 million below pre-market expectations. Initial yields for this crop year are 181 bushels per acre for corn and 52 for soybeans, which should not be a surprise.
New crop wheat was the biggest surprise, almost 4 million tonnes below pre-report expectations. Russia at 88 is 8-10 million below the potential 4-6 weeks ago, showing the USDA is taking the current weather problems into account. Private forecasters have been burned, calling for crop problems in Russia since the Ukraine invasion.
USA Ending Stocks 2024/25 million bushels:
Corn 2,102 v 2,285 ( -183 )
Soybeans 445 v 435 ( +10 )
Wheat 766 v 785 ( -19 )
World Ending Stocks in million tonnes 2023/24 (wheat* 2024/25)
Corn 313.08v 315 ( -2 )
Soybeans 111.78 v 112.4 ( -.62 )
Wheat* 253.6 v 257.4 ( -3.8 )
World Crop Production compared with estimates in million tonnes
Brazil
Soybeans 154 v 153 ( +1 )
Corn 122 v 122.5 ( -.5 )
Argentina
Soybeans 50 v 49.5 ( +.5 )
Corn 51 v 52 ( -1 )
| |
|
May 10 WASDE Takeaways
