USDA WASDE Reflects Minor Changes, Increased Ending Stocks for 2015/16
February 9th, 2016
Produced by Bill Holbrook
The February WASDE report released today by the USDA-WAOB estimates corn imports to increase 10 million bushels while ethanol use is increased 25 million bushel. However, corn exports are lowered 50 million bushels based on increased world competition. Corn ending stocks are increased 35 million bushels to 1.837 billion bushels. Average farm price is unchanged at $3.60 per bushel, however the range is reduced $0.05 on each end.
Soybean crush was reduced 10 million bushels increasing ending stocks by the same, to 450 million bushels. All other soybean estimates were unchanged from January. Average farm price was also unchanged at $8.80 per bushel.
Wheat exports were lowered 25 million bushels to 775 million bushels. Ending stocks were increase to 966 million bushels to reflect this change. Average farm price was also unchanged at $5.00 per bushel.
The analysis above is not intended as a trade recommendation. The analysis and forecasts are based on available public data and on the best judgment of PRX, but cannot be guaranteed to conform to future reality.
