(IARN) — U.S. Department of Agriculture (USDA) officials Tuesday released their monthly World Agricultural Supply and Demand Estimates (WASDE).
Traders anticipated “friendly” alterations, but nothing uncommon. One analyst believes Tuesday’s report ended up offering “a little bit of something for everybody.”
The latest WASDE report included “friendly, neutral and bearish numbers,” according to Greg McBride, commodities broker with Allendale. Charts supported upward movements immediately after, as officials made friendly revisions to beans and wheat.
Global oilseed production increased, thanks in part to favorable weather in Matto Grosso and improved rainfall in southern and northeastern soybean areas.
“Brazilian production increased by two-million metric tons. That’s a new record for them, as long as that stays,” McBride said. “The same thing (goes) for world ending stocks, (which) were increased by 2.2 million metric tons,” McBride said.
2019/2020 corn ending stocks remain unchanged, while global corn ending stocks dropped by one-million metric tons.
Story courtesy of the Iowa Agribusiness Radio Network.
Image from KIWA Image Archive