Markets Extra

Key data in USDA's September Wasde, and comparison with market forecasts

Markets Extra14 Sep 2020by Markets Extra

The US Department of Agriculture on Friday revealed its Seotember edition of the Wasde report on world crop supply and demand.

Below, key data, and how they compare with results of surveys on what investors expected.

Wasde data on US 2020 corn and soybean harvests, and how differed from market forecasts
	USDA estimate	Change from previous estimate	Difference from market forecast
US corn area harvested (m acres)	83.5	-0.5	in line
US corn yield (bushels per acres)	178.5	-3.3	+0.2
US corn production (bn bushels)	14.900	-0.378	+0.002

US soy area harvested (m acres)	83.0	unchanged	+0.1
US soy yield (bushels per acres)	51.9	-1.4	+0.1
US soy production (bn bushels)	4.313	-0.112	+0.018

Wasde data on 2020-21 world and US corn, soybean and wheat closing stocks
	USDA estimate	Change from previous estimate	Difference from market forecast
US corn (m bushels)	2,503	-253	+52
US soybeans (m bushels)	460	-150	-5
US wheat (m bushels)	925	925	+1

World corn (m tonnes	306.79	-10.67	-4.32
World soybeans (m tonnes)	93.59	-1.77	+0.29
World wheat (m tonnes)	319.37	+2.58	+3.42
Sources: Reuters, USDA

Wasde data on 2019-20 world and US corn, soybean and wheat closing stocks
	USDA estimate	Change from previous estimate	Difference from market forecast
US corn (m bushels)	2,253	+25	+19
US soybeans (m bushels)	575	-40	-25

World corn (m tonnes	309.15	-2.15	-1.75
World soybeans (m tonnes)	96.01	+0.16	+0.31
World wheat (m tonnes)	299.78	-1.13	+0.68
Sources: Reuters, USDA. = taken from USDA Outlook Forum

Wasde data on US and world 2020-21 cotton, and comparison with market expectation
	USDA estimate	Change from previous estimate	Difference from market expectation
US production	17.06	-1.02	-0.51
US exports	14.60	-0.40	-0.59
US end stocks	7.20	-0.40	+0.19

World production	117.20	-0.33	+0.13
World consumption	112.69	-0.36	-0.53
World end stocks	103.84	-1.07	-0.60
All figures in million bales. Sources: Bloomberg, USDA

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