WASDE Report: U.S. Corn Exports Higher on Stronger World DemandMon, 10 Mar 2014 16:29:37 CDT
The USDA released its latest World Agricultural Supply and Demand report Monday, with corn exports projected 25 million bushels higher on stronger world imports and the rising pace of shipments in recent weeks. Continued strong export sales also support the higher figure. Projected corn ending stocks were lowered 25 million bushels.
U.S. soybean supply and use projections for 2013/14 include higher imports and exports, reduced crush, and reduced ending stocks compared with last month’s report. Soybean exports are raised 20 million bushels to a record 1.53 billion reflecting continued strong sales and shipments through February.
U.S. wheat 2013/14 ending stocks were unchanged in Monday’s report at 558 million bushels compared with USDA’s previous estimate of 558 million bushels. Analysts had a expected a figure of 568 million bushels.
Prices for all three commodities ended lower on the day, with Rich Nelson, a grain analyst for Allendale Inc., saying traders were disappointed in the reports lack of a decline in U.S. soybean stocks and Brazilian soybean production. He said traders may have already priced in the effects of the lowered projections.
Click here for the full USDA WASDE report.
You can watch all of Nelson's analysis by clicking in the video box below.
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