December 14

12/14 - In Thursday’s WASDE, the USDA left its 2020/21 U.S. corn supply and use outlook unchanged from last month. Corn exports for 2020/21 are forecast to be a record-high 2.65B bushels. The corn price forecast remains at $4.00 per bushel, the highest since 2013. Corn futures, which were $3.08 as recently as Aug, have climbed steadily to $4.24 per bushel. The USDA’s outlook for 2020/21 U.S. wheat is for higher exports, and lower ending stocks. Projected 2020/21 ending stocks are reduced 15M bushels to 862M, down 16% from a year ago. World wheat ending stocks for 2020/21 were reduced by 1.2% but still remain record high. The USDA’s 2020/21 wheat price forecast remains unchanged $4.70 per bushel. Chicago (soft red) wheat futures have soared over the past 4 months, from $4.91 to $6.08 per bushel; KC hard winter wheat from $4.14 to $5.79.