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  Last week’s Quarterly Grain Stocks report provided some hints about USDA’s adjustments that are likely in today’s WASDE report. USDA’s National Agricultural Statistics Service (NASS) pared 28 million bushels of corn from December 1, 2020 quarterly stocks last Wednesday, while adding 13 million bushels of soybeans and 29 million bushels of wheat to December 1 inventories. The adjustments were made due to late-submitted reports from off-farm and commercial storage facilities. We will see the revision in the form of an adjustment to each commodity’s residual and feed usage category from WAOB. Demand rationing will also be high on the list of factors to watch today, particularly for soybeans. Domestic loading paces have declined significantly in the past month as the Brazilian crop begins to enter international shipping channels. Weekly average soy export loading paces to China over the past eight weeks are over six times lower than the total weekly average shipping rate.

Cedar rapidsUnited statesBlack seaOceans generalGreat lakesSouth koreaMatthew kruseNaomi blohmNational agricultural statistics serviceEuropean unionUniversity of nebraskaWorld agricultural supplyDemand estimatesQuarterly grain stocksAgricultural statistics serviceSouth american