USDA-WAOB Leaves Wheat, Corn and Sorghum Unchanged, Small Changes to Soybeans
March 9th, 2016
Produced by Bill Holbrook
Wheat, corn and sorghum 2015/16 supply-demand estimates were left unchanged by USDA-WAOB. Corn and sorghum average farm price range was narrowed by $0.05 on each end leaving corn at $3.60 per bushel and sorghum at $3.30 per bushel. Wheat average farm price was unchanged at $5.00 per bushel.
Soybean production was lowered 1 million bushels due to an adjustment to the South Carolina crop. Crush was lowered 10 million bushels to 1,870 million bushels. Seed and residual use were adjusted slightly. Ending stocks were increased 10 million bushel to 460 million bushels. Average farm price was lowered $0.05 to $8.75 per bushel, the range was narrowed $.020 on the low side and $0.30 on the high side.
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.
