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Grains Rally After USDA Supply-Demand Report

March 11, 2015 at 22:28 by Vladimir Vyun

Grains rallied today after the release of the World Agricultural Supply and Demand Estimates from the US Department of Agriculture. The USDA predicted that global stocks of wheat and corn should shrink a bit due to falling supply and rising consumption.

The agency reduced the outlook for both production and usage of wheat and concluded:

With world supplies falling faster than use, ending stocks are reduced fractionally.

The USDA said about corn:

Projected foreign corn ending stocks are lowered 3.1 million tons with reductions for South Africa and Argentina.

As for soybeans, the report said:

Global oilseed ending stocks are projected at103.3 million tons, up fractionally from last month.

Yet this did not prevent the oilseed from rallying together with other grains.

May futures for delivery of wheat climbed 1.17 percent to $4.99 per bushel as of 22:25 GMT on CBoT today. Corn gained 0.77 percent to $3.91 per bushel. Soybeans advanced 0.84 percent to $9.9275 per bushel.

If you have any questions and comments on the commodities today, use the form below to reply.

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