WASDE Report Very Quiet

USDA released its crop production report this week, and as expected, it was fairly quiet, with the only expectation being sugarcane.  Production projections for sugarcane up 1% from last month. 

In turn, little to no change to domestic commodity balance sheets within the world agricultural supply and demand estimate this month. 

Of note, though, continued tightening rice supplies are behind a 30 cent increase in the season ending average price.  Cotton season ending average price in February was adjusted down 1% from the prior month due to a slight lowering of export forecasts. 

Beef and pork price forecasts rose from January. For beef, the price increased fueled by tightening supplies, while for pork, continued strong domestic and international demand.

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