WINNIPEG – There was nothing in the latest World Supply and Demand Estimates (WASDE) report that could have created major moves on the commodities markets in the United States, according to an analyst.
The United States Department of Agriculture (USDA) issued the report (PDF format) on March 8.
“It didn’t give us any kind of a market turning type news,” said Steve Georgy, president of Allendale Inc, in McHenry, Ill.
Included in the latest WASDE report, the USDA revised its 2018/2019 data for wheat, corn and soybeans by approximately one per cent, either up or down depending on the crop.
The world carryover for wheat was up to 107.17 million tonnes. The U.S. carryover grew to 46.62 million tonnes.
The world carryover of corn was down to 308.53 million tonnes. The U.S. carryover of corn rose to 46.62 million tonnes.
For soybeans, the world carryover increased to 107.17 million tonnes. The 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, the USDA’s estimates on planting intentions, scheduled for March 31, and the weather in April will have a far greater effect, according to Allendale’s president.