Traders Await WASDE Report Update March 10, 2020
Good Morning from Allendale, Inc. with the early morning commentary for March 10, 2020.
Grain markets are rebounding overnight with just about everything higher. Corn is up 1 3/4, soybeans up 8 3/4, and wheat is up 1 1/2.
Allendale Annual Acreage Survey has begun and will end later next week with results released before the USDA’s prospective plantings report. To help make our report as accurate as possible, we could use your numbers. Please take a moment to tell us your planting intentions, and register for the free results webinar too. Thank you!
Average estimates for today’s USDA Supply and Demand report were compiled by Reuters. Analysts expect 2019/20 corn ending stocks at 1.888 billion bushels, soybeans 0.426 bb, and wheat stocks at .944 bb. All of these numbers are close to USDA’s February numbers.
World ending stock numbers are expected to show corn stocks of 297.25 million tonnes, soybeans 99.33 MT, and wheat 288.47 MT. South American production numbers are expected to rise minimally.
USDA weekly grain export inspections showed corn exports at 830,000 tonnes (800,000 to 1,100,000 expected), soybean exports at 572,000 tonnes (500,000 to 800,000 expected) and wheat exports at 416,000 tonnes (400,000 to 700,000 expected).
USDA confirmed a relatively modest sale of U.S. soybeans with private exporters selling 123,500 tonnes of soybeans to unknown destinations.
USDA’s NASS released their weekly crop report and rated the Kansas winter wheat crop (largest in U.S.) at 47% GTE (43% last week). Texas (the No. 2 winter wheat state by planted area), was rated 26% GTE (36% last week). Texas corn crop was 28% planted (10% five-year average).
Argentine farmers began a four-day sales strike to protest the government’s hike of export taxes for soybeans and their byproducts, though shipments were not impacted. The impact of the strike is likely be visible today when grains and beef already sold will not arrive at ports, industry experts said.
Cash cattle traded at an average of $113.17 last week. The trade is anticipating $109 to $111 this week. These expectations come even after factoring in the 9,300 head decline in offered fat cattle on the showlist. Last week’s $113 trade was $15 under last year’s $128 in the same week.
Lean hog index is up to $57.09 ($1.55 over the low in mid-February). This number, covering cash hogs through last Friday, will be reported by the CME today.
Dressed beef values were lower with choice down 0.11 and select down 0.25. The Feeder cattle index was at 134.86. Pork cut-out values were up 1.09.
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