WHEAT: The 2020/21 global wheat outlook is for smaller supplies, increased consumption, higher exports, and reduced stocks. Supplies are lowered 1.6 million tons to 1,072.7 million on reduced production in China and Argentina more than offsetting an increase for Russia. China’s production is reduced 1.8 million tons to 134.3 million on the National Bureau of Statistics estimate.
Corn: Corn production is estimated at 14.182 billion bushels, down 324 million on a lower yield and slight reduction in harvested area. Total corn use is down 250 million bushels to 14.575 billion. Exports are down 100 million bushels, reflecting sharply lower supplies and higher expected prices.
Beans: Soybean and soybean product prices are forecast higher this month. The U.S. season average soybean price for 2020/21 is projected at $11.15 per bushel, up 60 cents as cash prices in Central Illinois reach 6-year highs. The soybean meal price is projected at $390 per short ton, up 20 dollars. The soybean oil price is forecast at 38.5 cents per pound, up 2.5 cents.
CME: Everything was up in the soybean futures market Tuesday, with overall volume up +50,139 and overall open interest up +1,946 showing new longs in the market. The Mar 21 contract closed the day at 1418'2 -- a jump of 45'6 -- on volume of 167,397. That's the biggest upwards movement in price the contract has ever experienced.
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