Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the December 10 WASDE.
Corn
No adjustments in estimates from the November WASDE report. Ending stocks (1.7 billion bushel) and ending stocks-to-use ratio (11.5%) are lowest since the 2013/14 marketing year. December futures have traded sideways since the November WASDE and closed at $4.20 per bushel on December 10.
Soybeans
The only adjustment in the Soybean estimates was an increase in crushings of 15 million bushel. The ending stocks (175 million bushel) and ending stocks-to-use ratio (3.9%) are the lowest since the 2013/14 marketing year. The January futures price for soybeans spiked to almost $12.00 per bushel in November but settled back and closed at $11.54 per bushel on December 10.
Wheat
An adjustment in the supply side estimates was a decrease of 5 million bushel in imports. The export estimate was increased by 10 million bushels. The ending stocks (862 million bushel) and stocks-to-use ratio (40.8%) are the lowest since the 2014-15 marketing year. Wheat futures (December) traded lower in November and closed at $5.90 per bushel on December 10.
