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Agricultural News

WASDE Supply and Demand Numbers Roil Grain Markets

Wed, 10 Apr 2013 16:54:10 CDT

The USDA's World Supply and Demand Estimates report came out today roiling the grain markets as traders sought to adjust their estimates based on the new USDA numbers. You can read the full report by clicking here.



U.S. wheat exports for 2012/13 were projected to be 25 million bushels lower this month boosting projected ending stocks by the same amount. Continued strong competition, particularly from EU-27 and FSU-12, further reduced prospects for U.S. wheat shipments. Projected exports for Hard Red Winter wheat were lowered 25 million bushels. Exports were also lowered 10 million bushels and 5 million bushels, respectively, for White and Hard Red Spring wheat, but raised 15 million bushels for Soft Red Winter wheat. All-wheat imports are unchanged, but small adjustments were made among the classes. The projected range for the season-average farm price for wheat was lowered 10 cents at the midpoint and narrowed to $7.65 to $7.95 per bushel.


Projected 2012/13 U.S. corn ending stocks were unchanged this month as an increase in imports and lower exports support higher expected feed and residual disappearance. Corn imports were raised 25 million bushels reflecting the strong pace of shipments reported through January. Corn exports were lowered 75 million bushels based on the slow pace of sales and shipments to date and stronger expected competition from South American corn and from competitively priced feed quality wheat.


Tom Leffler of Leffler Commodities said the numbers stirred up traders today, with wheat coming out on the short end of the stick.


"The trade was pretty crazy today. In the end, we saw the wheat take the brunt of the downside. Corn came back late and soybeans were slightly lower. Keep in mind this wheat crop's going to continue to watch what's going on out there with Mother Nature and these cold temperatures."


Click on the LISTEN BAR below to hear Tom Leffler's analysis of the WASDE report.


   
   

Tom Leffler looks at the WASDE numbers and how they affected grain markets. right-click to download mp3

 

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