First up a couple 3-month charts from FinViz:
Next, a deep dive from Farm Futures:
Global, domestic wheat demand sends futures rallying
USDA slashed Argentine corn and soybean output figures for the 2020/21 marketing year in Thursday morning’s World Agricultural Supply and Demand Estimates (WASDE) report. The World Agricultural Outlook Board left Brazilian production estimates unchanged in this month’s report, despite concerns over yield damage due to drought conditions. Domestic ending stocks for corn were unchanged, sending futures prices teetering between fractional gains and losses.
But rising domestic usage rates for U.S. soybeans shrunk ending stocks to a mere 175 million bushels – the tightest level since 2013. Unseasonably strong export demand for U.S. wheat led to USDA bumping up 2020/21 wheat export forecasts. Soybean and wheat futures climbed on the favorable domestic demand sentiments.
“USDA’s report was largely uneventful, since major new crop yield and acreage forecasts will not be updated until January 2021,” notes Farm Futures grain market analyst Jacquie Holland. “The wheat futures complex saw the largest gains from today’s reports.”....
....MUCH MORE
The report itself.
Finally a quick hit from Farm Futures grains analyst:
#WASDE recap -
— Jacquie Holland (@jkholland89) December 10, 2020
And speaking of high corn prices...USDA shrinks Chinese '20/'21 beginning corn stocks but raises corn imports 27% from a month ago. China will buy the most international corn in its history in '20/'21. pic.twitter.com/uUMK9MLko3
