December WASDE Report Mostly Unchanged

The monthly World Agriculture Supply and Demand report offered little to excite or scare markets Tuesday.

As the market and trade experts expected, there was little change in the monthly figures by the Department of Agriculture, with no change to corn and soybean production expectations or yields.

Trade experts say it’s likely significant updates will wait until the January 2020 WASDE report. The projected season-average farm price for corn was unchanged at $3.85 per bushel.

Meanwhile, total U.S. oilseed production for 2019/2020 is forecast at 107.6 million tons, down slightly due to a decrease for cottonseed. Soybean supply and use projections for 2019/2020 are unchanged from last month.

The U.S. season-average soybean price for 2019/2020 is forecast at $8.85 per bushel, down 15 cents. The outlook for 2019/20 U.S. wheat is for decreased supplies, higher exports, and lower ending stocks.

Wheat imports are lowered 15 million bushels to 105 million on a slower than expected pace to date. And, the season-average farm price for wheat was lowered $0.05 per bushel to $4.55

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