USDA WASDE Data Show Record-high Corn Exports

The U.S. corn and soybean crops got smaller as the 2020 growing season progressed, and coupled with a record export projection for corn and the lowest soybean ending stocks in seven years, analysts expect the data contained in Monday’s World Agricultural Supply and Demand Estimates (WASDE) data to fuel bullish momentum for both markets as North American harvest wraps up. The report pegged a three-bushel/acre decline in national corn yields and a two-bushel soybean yield decline compared to November’s WASDE report, notably large month-over-month changes in the data, one analyst said. Coupled with strong export forecasts for both grains, the production data has some analysts projecting a “demand-driven” market in which higher prices are likely for some time. See more from Monday’s big USDA report.