Highlights from the September 2018 WASDE report
J.P. Gervais shares his insights from the September release of the World Agricultural Supply and Demand Estimates report (WASDE).
- 2018-19 stocks-to-use ratio for U.S. soybeans revised upward on the basis of higher anticipated yields. Demand remains weak because of US/China trade tensions.
- Average yield for U.S. corn revised upward, in contrast with market expectations before the release of the report. Demand remains very robust.
- No revisions to U.S. wheat production and stocks, but ongoing drought conditions in Europe and Australia remain a concern and should provide support to prices.
- 2018 U.S. production estimates of pork revised downward while beef production was unchanged.
- 2018-19 U.S. milk production forecasts barely moved, and still indicate growth in the industry.