USDA data shows ag trade balance sheets are in the red with double-digit declines in the billions of dollars expected this year.
For wheat, economists explain that there is a unique situation happening.
“We see wheat exports rounded up to $2 billion, which is down 6% from the same period last year, whereas we’ve got a 6% increase by volume for last year, so we’re actually exporting more wheat, but at a lower price. So we’re seeing a negative value change over the last year,” said USDA economist Bart Kenner.
While the markets work to digest all the recent changes, some traders are following the numbers and they say they are showing a pattern.
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Lewis Williamson with HTS Commodities shares an update on post-WASDE grain movement, with corn leading export momentum, soybeans steady, and wheat and sorghum continuing to move selectively.
China still has a long way to go before it meets its commitment to buy 12 million metric tons of U.S. soybeans this year.
Tariff relief may soften grocery prices, but it also intensifies competition for U.S. fruit, vegetable, and beef producers as cheaper imports regain market share.
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USDA released the November WASDE Report on Friday, the first supply-and-demand estimate to drop since September, just before the 43-day government shutdown.
