WASDE report: What to watch on Tuesday

Don’t look for fireworks when USDA on Tuesday releases its February World Agricultural Supply and Demand Estimates.

Analysts, on average, look for the government to make minor adjustments to the balance sheet. The February report is typically not a major market mover, coming after USDA’s final Crop Production report in January. That means no major shifts on the domestic supply front.

The focus will be on South American production estimates and any tweaks to the export picture, though the scope for change is seen as limited.

The table below shows average estimates of corn, wheat and soybean carryout based on a Reuters survey of analysts. The report is set for release at 11 a.m. CST.