USDA WASDE Trims U.S. Corn Stocks, Leaves Soy Unchanged as Wheat and Cattle Rally

Overview

• USDA’s February WASDE cut U.S. corn ending stocks by 100 million bushels to 2.117 billion and raised corn exports by 100 million, while U.S. soybean carryout stayed at 350 million bushels.
• U.S. wheat carryout was lifted by 5 million bushels to 931 million, with world wheat stocks at 277.51 MMT; world soybean changes included a larger Brazil crop at 180 MMT and global stocks at 125.51 MMT.
• Soybeans turned higher again after the report, wheat advanced in a midweek rally, and corn edged lower, reflecting the mixed tone across crop futures.
• USDA confirmed a 264,000 MT U.S. soybean sale to China and a 230,560 MT U.S. corn sale to unknown buyers, with season-to-date corn commitments at 58.735 MMT, about 72% of the USDA export forecast.
• EIA’s latest reading showed ethanol production rising to 1.11 million barrels per day, while cattle futures rallied sharply on tight supplies and quiet cash trade and lean hogs extended losses despite firmer cash quotes.