Friday, January 11, 2019

No USDA WASDE Today, Do It Yourself Soybean Estimates

From DTN's Progressive Farmer, Jan. 10:

"Largest Soybean Stocks, Large Carry Market"
Due to the government shutdown, the monthly World Agricultural Supply Demand Estimates (WASDE) report slated to be released on January 11 has been postponed. 

This did not prevent the various wire services from collecting estimates for this and other USDA reports that scheduled for release that day.

With regard to the expected 2018/19 U.S. soybean ending stock figure the average of the estimates was 904 million bushels (mb) which is down from the last USDA projection of 955 mb.
That figure is the highest U.S. carryout ever exceeding the prior high of 574 mb in the 2006/07 season though this year's 23.2% stocks-to-use ratio is the second highest ever, topped only by the 28.5% ratio seen back in the 1985/86 marketing year.
Futures are up 5.25 at 912: