Two from AgWeb, November 10:
Could Unprecedented Cuts in WASDE Set the Stage for Unprecedented Prices?
USDA provided more fuel for the commodity markets Tuesday. In a WASDE and Crop Production report the market viewed as bullish, the agency slashed the national corn yield from 178.4 bushels per acre in October, to 175.8 bushels per acre in its latest forecast.
USDA’s yield forecast map shows every state, except Oklahoma, is seeing a yield forecast lower or right at levels reported in the October report.
USDA provided more fuel for the commodity markets Tuesday. In a WASDE and Crop Production report the market viewed as bullish, the agency slashed the national corn yield from 178.4 bushels per acre in October, to 175.8 bushels per acre in its latest forecast.
USDA’s yield forecast map shows every state, except Oklahoma, is seeing a yield forecast lower or right at levels reported in the October report.
“The change and decline in production were unusually large this month,” says Seth Meyer, associate director of University of Missouri’s Food and Agricultural Policy Research Institute (FAPRI). “We normally don’t see such big adjustments from October to November. So that was a big change that put support under prices and why we saw things jump at report release....
....MUCH MORE
And:
WASDE Projects Record Corn Exports
And from the U.S. Department of Agriculture, the report:
WHEAT: The outlook for 2020/21 U.S. wheat this month is for stable supplies, higher domestic use, unchanged exports, and reduced ending stocks. Domestic use is raised, primarily on higher food use, which is increased 5 million bushels to 965 million, up from 962 million for 2019/20. This increase is based mainly on the NASS Flour Milling Products report, which indicated higher food use for the early part of the marketing year than previously estimated. All wheat exports and imports are unchanged this month but there were offsetting by-class changes for both exports and imports. Projected 2020/21 ending stocks are reduced 6 million bushels to 877 million, down 15 percent from last year. The season-average farm price is unchanged at $4.70 per bushel....
....MUCH MORE (40 page PDF)
