Cash Strategist 2/15/2023
Little changed in February WASDEAs expected, very few changes were made to the domestic balance sheets in the USDA's February World Agriculture Supply and Demand Estimates (WASDE) report. U.S. corn ending stocks are now estimated at 1.267 billion bushels, an increase of 25 million bushels from January. This was the result of a reduction to projected ethanol demand.
Soybean ending stocks were projected at 225 million bushels, up 15 million bushels from January. A reduction to crush was the catalyst for the higher soybean ending stocks.
The USDA's season average cash price estimates are $6.70 for corn and $14.30 for soybeans.
Larger changes were made on the global side of this report. World corn ending stocks are now estimated at 295.3 million metric tons, which was just above...
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