WASDE data pressures soybeans
DES MOINES, Iowa (Agriculture.com)--The USDA released bearish world soybean data Friday. However, its February Supply/Demand and World Production Reports support for wheat markets.
As a result, the soybean market dropped 12 cents, after the numbers were released at 11:00am CT Friday.
Jason Ward, Northstar Commodity analyst, says the report's U.S. numbers were a little friendly to soybean and wheat fundamentals, while slightly negative to corn.
"But, since this is already built into the market, the prices are not following suit," Ward says.
Meanwhile, it is the world numbers that are bearish across and probably limit any upside, Ward says.
For the 2012-13 marketing year (ending Sept. 1), the USDA estimates the U.S. corn carryout at 632 million bushels vs. the average analyst estimate of 615 million bushels and the government's January estimate of 602 million.
USDA sees the 2012-13 U.S. soybean carryout at 125 million bushels vs. the average analyst estimate of 129 million bushels and the USDA's January estimate of 135 million.
The U.S. 2012-13 wheat carryout is pegged at 691 million bushels compared to the average analyst estimate of 728 million bushels and the USDA's January estimate of 716 million.
USDA pegged the 2012-13 Brazilian corn production at 72.5 million metric tons vs. the average analyst estimate of 71.1 mmt and the USDA's January estimate of 71.0 mmt.