Home / News / Crops news / USDA releases bearish WASDE data

USDA releases bearish WASDE data

Jeff Caldwell 04/08/2011 @ 7:40am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Corn feed usage offsets a projected bump in ethanol use, yielding a U.S. corn ending stocks number unchanged from a month ago, according to Friday's USDA World Supply/Demand (WASDE) Report.

Friday's report shows total 2010/2011 corn ending stocks are 675 million bushels, a number, a number sharply higher than most market analysts expected, and one that will be bearish for Friday's trade.

"U.S. corn feed and residual use is lowered 50 million bushels as increased prospects for 2011 SRW wheat production and higher year-to-year corn plantings in the South reduce expected corn feed and residual disappearance during the second half of the 2010/11 corn marketing year," according to the WASDE report.

"Yawner. Corn and bean carryout left unchanged. Corn exports left unchanged was a surprise, after 8 weeks of surprisingly large weekly sales. Ethanol usage went up," one market analyst told Agriculture.com Chicago Markets Bureau Chief Mike McGinnis Friday morning. "No surprise they moved bean exports a little lower, as China is doing more south American business now. Wheat ending stocks moved lower was against pre-report trade estimates, but large ending stocks make it a non-issue. Time to take profits."

Also in Friday's report, USDA pegged soybean ending stocks at 140 million bushels, also unchanged from the March estimate. Wheat stocks were pegged slightly lower than a month ago -- at 839 million bushels compared to 843 million in the March report.


CancelPost Comment
MORE FROM JEFF CALDWELL more +

All Around #Classic15: Commodity Classic… By: 02/27/2015 @ 2:42pm Temperatures are about 50 to 70 degrees warmer in Phoenix, Arizona, than they are in much of corn…

From #Classic15: Comodity Group, USDA… By: 02/27/2015 @ 2:24pm Labeling is a hot topic on the consumer-facing side of the food and feed production industry. Now…

3 Things to Watch This Morning, Friday… By: 02/27/2015 @ 6:49am Soybeans have a lot of upside for Friday's trade.There's a lot of uncertainty over how…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Llamas, Commodity Classic and Photo of the Week
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]