USDA Ag Outlook Numbers

USDA Ag Outlook Numbers

Tim Hammerich
Tim Hammerich
News Reporter
Tim Hammerich with your Market Line Report for Friday February 21st.

USDA released several numbers yesterday as part of its Ag Outlook Forum. Here’s Standard Grain’s Joe Vaclavik with the details.

Vaclavik.. “U.S. corn acres for 2020 estimated at 94 million. Soybean acreage estimated at 85 million. U.S. wheat plantings estimated at 45 billion. Here is a fantastic statistic. USDA sees U.S. farm exports to China at $14 billion in 2021. Remember guys, there was a trade deal and China committed to 40 billion, not 14 billion, per year in U.S. ag purchases. So not even the USDA at this point is totally buying in to the commitments in the trade deal. And I think that they're probably more accurate with their 14 then the trade deal is with its 40.”

In closing markets yesterday:

Chicago March Wheat futures closed down $0.05 ¼ to $5.60.

Kansas City Hard Red Winter Wheat down $0.06 to $5.73 ½.

March Corn closed down $0.02 to $3.78 ½.

Portland prices unchanged. Soft white wheat of ordinary protein still at $6.20 to $6.25.

Club Wheat of Ordinary Protein steady at $6.25 to $7.95.

Dark Northern Spring wheat did drop $0.06 ¾ now ranging from $6.64 ½ to $7.09 ½ for 14% protein.

Live Cattle futures were down $1.65 on the April board to $119.15. March Feeder Cattle up $0.02 ½ to $140.80.

Class III milk slid further yesterday down $0.11 to $16.66.

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