February 11

2/11 – The USDA released a slew of data on Friday, including Feb’s WASDE report – the first in two months. The Jan WASDE was cancelled due to the gov’t shutdown. Fortunately, there weren’t any big surprises. Corn production was revised a bit lower, soybean harvest higher and winter wheat seedings came in lower than expected. But overall, 2018/19 projected ending stocks for all three crops were within pre-report estimates and mostly neutral for prices. The USDA reduced projections for 2019 beef, pork and poultry production. The 2019 broiler forecast was increased from $95.50/cwt to $97.00; NY large eggs from $1.2350 to $1.2550 per dozen. The 2019 milk production forecast was decreased. The 2019 butter price forecast was bumped from $2.25 to $2.28/lb. For a summary of USDA forecast numbers, please visit: https://www.mktvsn.com/resources