The United States Department of Agriculture Friday issued a slightly bearish report on supply and demand Friday, but the market treated it as almost neutral.
USDA did not cut South American production as traders had expected and it left U.S. year-end soybean and corn stocks unchanged.
It increased its outlook for U.S. and global wheat ending stocks.
Canola and soybeans were down after the report but corn and wheat rose a little.
Traders had expected USDA to increase its U.S. corn ending stocks to reflect weak exports, but while the department did cut its export number, it balanced it by an increased estimate of livestock feed demand.
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The wheat market had already been down hard this week on improved moisture in the U.S. Plains and on expectations of larger global wheat production in 2013-14. The fall stopped Thursday when the weekly U.S. wheat export tally was larger than expected.
Highlights:
USDA pegs corn ending stocks unchanged at 632 mln bu. down from trade est. of 643 mln bu., still a 17-year low. Feb USDA was 632 mln bu.
USDA increased US wheat ending stocks to 716 mln bu., up from trade est. of 704 mln. Feb USDA was 691 mln bu.
USDA pegs US soybean ending stocks unchanged at 125 mln bu., up from trade est. of 120 mln. Feb USDA was 125 mln bu.
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USDA pegs world wheat ending stocks at 178.23 mln T, up from trade est. of 176.548 mln. Feb USDA was 176.73 mln T.
USDA pegs world corn ending stocks at 117.48 mln T, down from trade est. of 117.793 mln. Feb USDA was 118.04 mln T.
USDA pegs world soybean ending stocks at 60.21 mln T, up from trade est. of 59.448 mln. Feb USDA was 60.12 mln T.
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USDA pegs Argentina’s corn crop at 26.5 mln T, up from trade est. of 25.452 mln. Feb USDA was 27.0 mln T.
USDA pegs Argentina’s soybean crop at 51.5 mln T, up from trade est. of 50.871 mln. Feb USDA was 53.0 mln T.
USDA pegs Brazil’s corn crop unchanged at 72.5 mln T, up from trade est. of 72.343 mln. Feb USDA was 72.5 mln T.
USDA pegs Brazil’s soybean crop unchanged at 83.5 mln T, up from trade est. of 83.145 mln. Feb USDA was 83.5 mln T.
