Thursday, February 9, 2017

Ag Futures: "Highlights from the Feb. 9 WASDE Reports"

From AgWeb:
USDA released its monthly World Agricultural Supply and Demand Estimates (WASDE) report Feb. 9. Here are the numbers you need to know.
  • Corn used for ethanol production was raised 25 million bushels to 5,350 million.
  • Non-ethanol corn for food, seed and industrial use was raised by 10 million bushels.
  • Corn ending stocks were 34 million bushels lower than in January.
  • Season-average corn price narrowed 10 cents on each end to $3.20 to $3.60 per bushel.
  • Supply and use projections for 2016/17 were unchanged, with ending stocks at 420 million bushels.
  • Exports were projected up 114 million bushels to 2,050 million bushels.
  • Record South American exports are expected, limiting U.S. shipments to “well below last year’s record levels this summer.”
  • Season-average price range is unchanged from last month, at $9.10 to $9.90 per bushel.
  • Exports are up 50 million bushels to 1,025 million bushels.
  • Food usage is down 3 million bushels to 960 million bushels.
  • Ending stocks are now projected at 1,139 million bushels (the largest since the late 1980s).
  • Season-average farm price is up $0.05 to a midpoint range of $3.85 per bushel.

Here's the USDA's World Agricultural Supply and Demand Estimates Report (WASDE) page.

Earlier: "Ag Futures Listless Ahead Of Today's Big USDA Data Dump (the real action is in Chinese chili peppers)"

The big three have swapped their negative lassitude for positive lassitude. 5-minure charts via FinViz: