Surprises were few and far between in the U.S. Department of Agriculture (USDA)’s September World Agricultural Supply and Demand Estimates (WASDE) report on Friday. The major figures were largely in line with pre-report estimates.
On the yield side of things, U.S. corn and soybeans came in just slightly above trade estimates. Corn was estimated at 176.3 bu/ac compared to the average trade guess of 175.8 bu/ac, while soybeans came in at 50.6 bu/ac versus the estimated 50.4 bu/ac.
— Darin D. Fessler ?? (@DDFalpha) September 10, 2021
Ending stock numbers from the USDA were also in line with trade guesses:
New-crop U.S. ending stocks for #corn and #soybeans are higher than last month’s estimates but pretty close to the trade guesses. That is based on bigger corn and soy crops. pic.twitter.com/wbUWvIkQgh
— Karen Braun (@kannbwx) September 10, 2021
USDA made some cuts to current year soybean crush by 25 million bushels, while increasing the exports by 35 million.
World wheat ending stocks for 2021-22 were reported at 283.2 MMT, slightly above the 279 MMT expectations. Global soybean carryout was in line with expectations, at 98.9 MMT versus 97 MMT. The USDA’s world corn ending stock estimate for 2021-22 was higher than expectations, however, at 297.6 MMT instead of the average trade guess around 286 MMT.
As Matthew Pot, of Grain Perspectives, summarizes, the trade report came in exactly as expected. “Still looking at the fact that we’re in the middle of September, there’s lots of seasonality still at play in the next two weeks,” he says.
Pot offers more insight in this interview with RealAg Radio host Shaun Haney below: