In its December World Agriculture Supply and Demand Estimates (WASDE) report, USDA didn’t change much, reports AgWeb.
U.S. corn and wheat ending stocks were bumped up slightly, soybeans left unchanged. U.S. corn and soybean exports did not change, and global stocks to use rations barely moved.
Analysts had to look between the lines to see any impact from the trade war with China.
USDA pegged U.S. corn ending stocks at 1.781 billion bu., compared to the average trade guess of 1.738 billion bu. That’s up just slightly from USDA’s November number of 1.736 billion bu. Corn and soybean exports remain at 2.45 billion bu. and 1.9 billion bu., respectively.
There was one surprise in the report: USDA's increase to 2018/19 world soybean ending stocks at 115.33 million metric tons (mmt).
Read the full report at AgWeb.
