report raised US maize production estimates to 353.1 million tonnes, which is 5.4% above average industry expectations, said AHDB analyst Aidan Wright this week.
report also lowered its volume estimates for Chinese imports of soybeans to 85 million metric tonnes from a July estimate of 87 million metric tonnes.
(***) For FY2008-09, combines sweetener market data (SMD) deliveries for domestic human use, SMD miscellaneous uses, and the difference between SMD imports and WASDE
Calendar year data are for the first year, for example, 2000/2001 = 2000; F = forecast and P = projection from World Agricultural Supply and Demand Estimates (WASDE
) February 11, 2014;-= no value; and USDA's out-year 2014/2015 crop price forecasts will first appear in the May 2014 WASDE
The release of WASDE
reports while markets are open has led to brief spikes in the volatility of corn futures prices after the release.
In its last release (9 Nov), WASDE
data revealed higher-than-expected grain inventories which sent fertiliser producers' shares down by 3-4%.
Given the across the board beat on expectations in last month's World Supply and Demand Estimates, or WASDE
, report, which help send the sector sharply lower, the market may start to look for some price-supportive down revisions on production and yields.
The interpretation of market data provided in the monthly WASDE
release has value to the industry.
The USDA has now revised its estimate of Russia's wheat harvest downward to 49 million tonnes from 53 million tonnes forecast in June, the department said in a World Agricultural Supply and Demand Estimates (WASDE
) report released in July.
Sources predict that USDA will make a decision on release times before the next crop report and WASDE
report are issued June 12.
(58) This estimate is based on USDA's January 12, 2010, World Agricultural Supply and Demand Estimates (WASDE
) Report, using comparable conversion rates.