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WASDE Report Shows U.S. Reserves May Cushion Brazil Supply Issues

COMMODITIES
  • Despite droughts affecting South America nations and their crops, the latest WASDE report shows U.S reserves may cushion the blow to Brazil supplies, although analyst’s anxieties continue to linger.
  • U.S. reserves data showed there are larger amounts of corn, wheat and soybeans piled up than expected, which could alleviate concerns surrounding the droughts effect on South American crops.
  • Crop reserves have been in focus due to soaring world food prices, and drought in No.1 soybean producer Brazil has stoked supply concerns. Buyers like China have already been turning to the U.S. to purchase more of the oilseed, prompting upward pressure on prices.
  • The U.S. Department of Agriculture said in its monthly supply-and-demand report, that there were 1.54 billion bushels of corn in warehouses, compared to less than 1.5 billion that analysts expected. Soybean stockpiles came in at 325 million, compared to around 315 million expected. (BBG)
  • “This report was very conservative and not aligned with the reality we are seeing,” said Luiz Fernando Gutierrez Roque, an analyst at Safras & Mercado, adding that most private estimates are under 130 million tons. The USDA sees Brazil’s soy crop at 134 million tons, down from 139m a month ago. (BBG)
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