Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA WASDE report
Attached is the summary for the February 2021 WASDE report.
Continued good news for farmers who have crops left in storage.
Corn
The February estimates for corn were unchanged except for exports which were increased 50 million bushel which in turn decreased ending stocks to 1,502 million bushel and the ending stock to use ratio to 10.3%. This is the lowest stock-to-use ratio since the 2013/14 marketing year. The March futures price has continued to increase this past month from $5.17/bu. on January 12 to $5.56/bu. on February 9. This is up an incredible $2.25/bu. from a contract low of $3.31/bu. on August 12.
Soybeans
The February estimates for soybeans were unchanged except for exports which were increased 20 million bushel which in turn decreased ending stocks to 120 million bushel and the ending stock to use ratio to 2.6%. This is the lowest stock-to-use ratio since the 2013/14 marketing year which was also 2.6% and the lowest in history. The March futures price for soybeans has trended sideways this past month from $14.23 on January 12 to $14.02 on February 9. But this up an incredible $5.77/bu from contract low of $8.25/bu on April 24.
Wheat
There were no adjustments in wheat estimates. The ending stocks are estimated at 836 million bushel and a stocks-to-use ratio of 39.1%. March wheat futures prices hit a contract high of $6.93/bu. on January 15 but have since backed off to $6.50 /bu. on February 9.
