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.