February WASDE

Dale Johnson, Farm Management Specialist
University of Maryland

Information from USDA WASDE report

Attached is a summary for the February WASDE published Tuesday. There was a 50 million bushel increase in the estimate of corn use for ethanol but this increase was offset by a 50 million decrease in the estimate of corn exports and so there was no change in supply, demand or ending stocks.

There was a significant 50 million bushel increase in the estimate for soybean exports. With all other supply and demand factors unchanged this decreased the stocks to use ratio from 11.9% to 10.5%. However, this was anticipated so there was no significant increase in Soybean futures on Tuesday.

There was a 25 million bushel increase in the estimates for wheat exports with all other supply and demand factors unchanged. However with the large ending stocks of wheat, this change was relatively insignificant.

2020 February WASDE