December WASDE report issued

USDA released the December WASDE report on Thursday morning, although production numbers will not be updated this month as USDA only adjusts the demand information.

The report showed corn stocks the same as last month’s 1.702 billion bushels. Soybean stocks were lowered to 175 million bushels versus last month’s 190 million bushels. Wheat stocks were 862 million bushels compared to last month’s 877 million.

After the report was issued, corn was trading up 1.75 cents, soybeans up 13.75 and wheat up 9.75.

Here is more information from Thursday’s World Agricultural Supply and Demand Estimates report from USDA-NASS:

WHEAT: The outlook for 2020/21 U.S. wheat this month is for slightly smaller supplies, unchanged domestic use, higher exports, and lower ending stocks. Supplies are reduced on lower imports, which are decreased 5 million bushels to 120 million on a slower-thanexpected pace. Exports are raised 10 million bushels to 985 million as higher white wheat exports are partially offset by lower Hard Red Winter (HRW) exports. Sales and shipments of white wheat have been robust this marketing year to several East Asian countries. Conversely, HRW exports have slowed for the past several weeks. Projected 2020/21 ending stocks are reduced 15 million bushels to 862 million, down 16 percent from last year. The season-average farm price is unchanged at $4.70 per bushel.

The 2020/21 global wheat outlook is for larger supplies, increased consumption, higher exports, and reduced stocks. Supplies are raised 1.2 million tons to 1,074.3 million on higher global production, which is now a new record at 773.7 million.

This month’s 2020/21 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is unchanged at $4.00 per bushel. WASDE-607-2 Global coarse grain production for 2020/21 is forecast virtually unchanged at 1,447.8 million tons. The 2020/21 foreign coarse grain outlook is for essentially unchanged production, greater trade, and smaller ending stocks relative to last month.

Total U.S. oilseed production for 2020/21 is projected at 123.7 million tons, down from last month on lower cottonseed production. Soybean crush for 2020/21 is increased 15 million bushels to 2.195 billion on strong crush margins and record earlyseason crush. With exports unchanged, soybean ending stocks for 2020/21 are projected at 175 million bushels. If realized, ending stocks would be the lowest since 2013/14. Soybean and soybean product prices are forecast higher this month. The U.S. seasonaverage soybean price for 2020/21 is projected at $10.55 per bushel, up 15 cents. The WASDE-607-3 soybean meal price is projected at $370 per short ton, up 15 dollars. The soybean oil price is forecast at 36 cents per pound, up 1.5 cents with cash prices reaching the highest level in the past six years.