February WASDE released

USDA released the February World Agricultural Supply and Demand Estimates report Tuesday morning.

The supply and demand outlook for 2020/21 U.S. wheat is largely unchanged this month but there are offsetting by-class changes to exports, imports, and food use. Hard Red Spring (HRS) and White exports are raised on stronger than expected sales and shipments, particularly to China. Conversely, Hard Red Winter (HRW) exports are reduced on a continued slow pace.

This month’s 2020/21 U.S. corn outlook is for higher exports and lower ending stocks. Exports are raised 50 million bushels, reflecting historically large corn purchases by China. With no other use changes, U.S. corn ending stocks are lowered 50 million bushels from last month. The season-average corn price received by producers is raised 10 cents to $4.30 per bushel.

This month’s 2020/21 U.S. soybean outlook is for increased exports and lower ending stocks. Soybean exports are projected at 2.25 billion bushels, up 20 million from last month reflecting record marketing-year exports through January and a slow start to Brazil’s export season resulting from harvest delays. With crush unchanged, soybean ending stocks are reduced 20 million bushels to 120 million. If realized, soybean ending stocks would be down 77 percent from 2019/20, and the lowest since 2013/14.

The U.S. season-average soybean price for 2020/21 is forecast at $11.15 per bushel, unchanged from last month. The soybean meal price is forecast at $400.00 per short ton, up 10 dollars. The soybean oil price forecast is raised 1.5 cents to 40.0 cents per pound.

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