USDA’s latest WASDE lacks ‘market-turning’ news

MarketsFarm — There was nothing in the U.S. Department of Agriculture’s latest world supply and demand estimates (WASDE) report that could have created major moves on commodities markets, according to an analyst.

The report, issued Friday, “didn’t give us any kind of a market-turning type news,” said Steve Georgy, president of Allendale Inc. in McHenry, Ill.

USDA revised its 2018-19 data for wheat, corn and soybeans by about one per cent, either up or down depending on the crop.

The world carryover for wheat was up to 107.17 million tonnes; U.S. carryover grew to 46.62 million tonnes.

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World carryover of corn was down to 308.53 million tonnes; U.S. carryover of corn rose to 46.62 million tonnes.

For soybeans, world carryover increased to 107.17 million tonnes; U.S. soybean carryover slipped to 24.49 million tonnes.

In comparing the situation today with this time last year, “we are sitting undervalued,” Georgy said.

While the WASDE won’t move the markets, USDA’s estimates on planting intentions, scheduled for March 31, and the weather in April will have a far greater effect, he said.

— Glen Hallick writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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