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.