The second World Agricultural Supply and Demand Estimates Report, or WASDE, report of 2014 comes out today. WASDE reports serve as a commodity outlook for United States and world agriculture.
Moe Agostino, Managing Commodity Strategist for Farms.com had this to say ahead of today’s report.
“Nearby corn futures are up +$0.38/bushel after hitting a low on January 10th 2014. Soybeans +$0.599/bushel and Chicago Wheat +$0.084/bushel ahead of 2014 February WASDE report. The trade is expecting that the USDA will increase the export pace for corn, soybeans and wheat and therefore 13/14 ending stocks will be reduced slightly vs. last month, 11 million bushels lower for corn, 7 million bushels lower for soybeans and 5 million bushels lower for wheat.”
Please see chart below for all the pre-report estimates:
| CORN | February 2014 Average Pre-Report Analyst Estimate | February 2014 Pre Report Analyst Range | January 2014 USDA Estimate | 2012/13 |
| Ending Stocks (In bbu) | 1.619 | 1.574 - 1.748 | 1.631 | 0.824 |
|
| Global Carryout (in mmt) | 159.6 | 156.27 - 163.20 | 160.23 | 134.86 |
| Argentine Corn (in mmt) | 23.82 | 19.8 - 25.0 | 25 | 26.5 |
| Brazilian Corn (in mmt) | 69.99 | 66.1 - 74.0 | 70 | 81 |
If you’re interested in Farms.com’s risk management services, Agostino is offering growers an eight-week FREE trail on grain and marketing. Click here to sign up.
Agostino will host a webinar on today’s WASDE report. Here’s the breakdown of what he will cover:
11:45am - Agostino will briefly go over the pre WASDE expectations and answer some questions until the report is released.
12:00pm - The WASDE report is released, Agostino will give his analysis of what the numbers mean and how they will affect the market in the days to come.
12:15pm - Agostino will present a PowerPoint going over the change in trend of five commodities (corn, soybeans, wheat, oats and the Canadian dollar) and his outlook for the coming month.
12:25pm - Agostino will open the floor to any questions
12:30pm - Webinar Ends