December WASDE Report
The number everyone is looking at which is ending stocks. World ending stocks were reported at or slightly above trade estimates for corn, soybeans, and wheat, with the overall effect being neutral to bearish most agricultural commodities.
From the floor of the CME in Chicago, here’s Scott Shellady.
Shellady… “WASDE, the USDA report came out today. And shock, no real shock. So, that's probably one of the few times this year that i can say that. Again, this isn't one that we're really looking to, to have any big changes. It's going to be the January report. So nothing in this report really jumped out to surprise anybody. So, as you were, is what the saying would be.”
Despite the ho hum reaction to the report by traders, the grains persisted to end the day slightly in the positive.
Chicago wheat futures closed up a penny to $5.23 1/2.
March corn closed up a penny and a quarter to $3.77.
Soybeans were up $0.04 to $9.01 ¼.
Live cattle were in the red today closing down $0.17 ½ to $124.57 ½ but feeders held strong up $0.12 ½ to $141.65.
News of the WASDE report results was overshadowed by news of an agreement between House Democrats and the White House on the US-Mexico-Canada Agreement or USMCA. The deal will replace the 25 year old North America Free Trade Agreement.