Analysts see very little impact from trade war with China
In its December World Agriculture Supply and Demand Estimates (WASDE) report, USDA didn’t change much, reportsAgWeb.
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 atAgWeb.
US Corn Price Idx:ZCPAUS.CM
open: 7.1488
high: 7.3886
low: 7.0173
close: 7.0525
US Soybean Price Idx:ZSPAUS.CM
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close: 15.3637
US Hard Red Winter Wheat Price Idx:KEPAUS.CM
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low: 8.5501
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US Soft Red Winter Wheat Price Idx:ZWPAUS.CM
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high: 8.308
low: 7.749
close: 7.8078
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