Corn Prices Sag After Lackluster WASDE Export Data

Going into Tuesday’s monthly USDA World Agricultural Supply and Demand Estimates (WASDE) report, the trade expected substantial increases in export sales for both corn and soybeans, but that boost only came to fruition in the soybean trade. The agency raised corn exports 50 million bushels when the marketplace expected a 160-million-bushel increase. The rise in soybean export sales was equally modest — just 20 million bushels higher — but more expected by the trade. Even at that level, U.S. soybean stocks are at their tightest levels in seven years. While soybeans finished the day higher, the data sent corn futures lower after March corn set a contract high in pre-report trading. And, it left traders confused by the discrepancy between word of continued strong grain demand from China but only modest increases in exports from the U.S. Both soybean and corn prices traded lower in overnight and early Wednesday trading. See more from Tuesday’s report.