WASDE Recap February 11. 2020

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There are not many changes in today’s WASDE report. The USDA made no changes to the U.S. ending stocks for corn, leaving them at 1.892 billion bushels. They did decrease soybeans by 50 million bushels and are now estimating U.S. ending stocks at 425 million bushels. 

They adjusted World Ending Stocks by reducing corn almost one million metric tons (MMT) and increasing soybean ending stocks by over 2 MMT. This is mostly due to an increase of 2 MMT in expected Brazilian soybean production. See below for complete details. 

2019/20 U.S Carryout (Billion Bushels)
FEB 2020 JAN 2020 CHANGE
CORN 1.892 1.892 0
SOYBEANS 0.425 0.475 -0.050
WHEAT 0.940 0.965 -0.025
2019/20 World Carryout (Million Metric Tons)
FEB 2020 JAN 2020 CHANGE
CORN 296.840 297.810 -0.97
SOYBEANS 98.860 96.670 +2.19
WHEAT 288.030 288.080 -0.05
2019/20 South American Production (Million Metric Tons)
FEB 2020 JAN 2020 CHANGE
ARGENTINA CORN 50.0 50.0 0
ARGENTINA SOYBEANS 53.0 53.0 0
BRAZIL CORN 101.0 101.0 0
BRAZIl SOYBEANS 125.0 123.0 +2.0