Little Change in Latest WASDE Report

The Department of Agriculture's latest World Agriculture Supply and Demand report, also known as the WASDE, offered little change from February estimates. Released Tuesday, the supply and demand outlook for 2020/21 U.S. wheat is mostly unchanged this month, but there are offsetting by-class changes to exports and imports. The season-average farm price is unchanged at $5.00 per bushel.

The reported noted the 2020/21 U.S. corn supply and use outlook is unchanged from last month. The projected season-average farm price is unchanged at $4.30 per bushel.

U.S. soybean supply and use projections for 2020/21 are mostly unchanged this month. With soybean crush and exports projected at 2.20 billion bushels and 2.25 billion bushels, respectively, ending stocks remain at 120 million bushels, down 405 million from last year's record. The U.S. season-average soybean price is projected at $11.15 per bushel, unchanged from last month. Although current cash prices are significantly higher, prices received through January have averaged just over $10.00 per bushel, reflecting forward pricing at lower prices.

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