IARN — The U.S. Department of Agriculture (USDA) on Tuesday will release its February World Agricultural Supply and Demand Estimates (WASDE) report. Matt Bennett, founding partner of AgMarket.Net, says, “It will be interesting to see how this February report is handled.”
“A lot of times, February is a blasé report. I don’t think that’s going to be the case this year,” Bennett says. “It’ll be interesting, given the wide range of guesses we have for carryout, demand, you name it.”
AgMarket professionals anticipate lower corn ending stocks, similar to USDA’s January report.
“Carryout levels for both corn and beans were trimmed, but a lot of folks were wondering why we didn’t get a bigger cut as far as corn was concerned. It’s because demand was slashed 250 million bushels,” Bennett says. “Most people look for that to change, and my team is certainly in that camp. Last month, we were at a 1.55 carry on corn. Our estimate for this report is 1.35, so a 200 million bushel drop.”
Bennett says, “We could see further revisions, as far as carryout is concerned.” The latest estimates range from one-point-one billion to one-point-five billion bushel corn carryout.
Story courtesy of the Iowa Agribusiness Radio Network
