This may be attributed to the ongoing war in Ukraine, and further speculation that Russia is planning a major offensive this Spring. The report was a sleeper for wheat markets, however front-month wheat futures are up by over 1% for the day. Today's report was largely in line with trade expectations, with US corn ending stocks increased by 25 million bushels due to a decrease in ethanol demand, and US soybean ending stocks were raised 15 million bushels due to a reduction in crush expectations. I reached out to Jake Hanley at Teucrium for his take on the USDA’s latest report. The Teucrium family of agricultural products, including the CORN, SOYB, and WEAT ETFs, track the futures contracts as they typically hold a portfolio of three actively traded delivery months. Teucrium’s take on the February WASDE report At the end of that article, I wrote, “ Given the ongoing war in Ukraine, the ever-growing demand for food, and new demand from the biofuel sector, any significant corrections in the soybean, corn, and wheat futures market could continue to be buying opportunities in 2023.” My view is the same as the price action since then, no material change. Prices mainly stayed the same since mid-January when I wrote about the January WASDE report on Barchart. The full text is available via this link. On February 8, the USDA released its latest WASDE report.
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