Wednesday April 8, 2020
- Markets soften this morning after testing higher on the overnights
- USDA intending on re-surveying farmers in the midwest with unharvested 2019 corn and beans with adjustments from the survey expected to be reflected in the May 12 monthly report
- Cold midwest forecast likely to keep planters parked through the weekend
- USDA report out tomorrow at noon – average estiamtes looking for increasing both old and new crop carryout numbers in the U.S. which would just add to the pressures onthe Ag markets
- see estimates below
- More ethanol plants are being put on idle as the industry grinds to a halt putting more pressure on corn demand
| USDA 2019/2020 U.S. Carryout (in billion bushels) | ||||
| Commodity | April USDA Report | Avg Trade Estimate | Estimate Range | Mar USDA Report |
| Corn | 2.004 | 1.792-2.150 | 1.892 | |
| Soybeans | 0.430 | 0.385-0.475 | 0.581 | |
| Wheat | 0.940 | 0.890-0.973 | 0.940 |
| USDA 2019/2020 World Carryout (in million metric tonnes) | ||||
| Commodity | April USDA Report | Avg Trade Estimate | Estimate Range | Mar USDA Report |
| Corn | 298.50 | 293.0-301.3 | 297.34 | |
| Soybeans | 101.10 | 97.0-104.85 | 104.44 | |
| Wheat | 287.37 | 285.0-291.0 | 287.14 |
| USDA 2019/2020 South American Production (in million metric tonnes) | ||||
| Commodity | April USDA Report | Avg Trade Estimate | Estimate Range | Mar USDA Report |
| Argentine Corn | 49.60 | 48.00-51.70 | 50.00 | |
| Arg. Soybeans | 52.49 | 50.00-54.00 | 54.00 | |
| Brazilian Corn | 100.56 | 98.00-103.00 | 101.00 | |
| Braz. Soybeans | 123.88 | 122.00-126.00 | 126.00 |