August 13, 2020

August USDA WASDE highlights

Corn / Maize

The August USDA WASDE increased the 2020/21 US corn production estimate by 7MT to 388MT, with ending stocks up 2.7MT to 70MT.

Adding further bearish tones to US corn have been reductions in EU ethanol production. Production of Ethanol fell last week to 918KBbl per day, down from 931KBbl the previous week as demand remains subdued.

Wheat / Barley

The August USDA WASDE set a bearish tone for wheat markets.
US wheat production was increased to 50.01MT, from the 49.63MT estimate in July, with a slight increase in forecast yields.

Russian wheat production was increased to 78MT, up 1.5MT from July, driven by an increased area to 28.3MHa, still well below the Russian Agricultural Ministry estimate of 29.5MHa with 54.9% of the crop harvested.

Meanwhile EU wheat production was lowered by 4MT to 135.5MT.


Oilseeds & Oil

The August USDA WASDE placed US 2020/21 soy production up 7.8MT to120.42MT with ending stocks up 5MT to 16.59MT.

Expected 2020/21 Chinese soy imports were increased by 3MT to 99MT, placing an even greater reliance upon Chinese soy purchases and US export pace.

Ukraine OSR production estimates place the crop at 2.5MT, down 1.5MT from the July estimate.

August 13, 2020