Written Commentary
WASDE SUPPLY/DEMAND HIGHLIGHTS
Report supportive for corn and beans, neutral wheat. Production was cut more than expected, particularly for soybeans.
Corn:
- Production cut 60 mil. bu. to 15.143 bil. slightly below expectations. Yield still a record at 183.1 bpa, down from 183.8 last month
- Ending stocks at 1.938 bil. bu. in line with expectations. No changes to usage despite strong demand so far
- Global stocks at 304 mmt slightly below expectations. No changes to South American production
Beans
- Production cut 121 mil. bu. to 4.461 bil. almost 100 mil. bu. below expectations. Yields cut to 51.7 bpa, down from 53.1 last month.
- Ending stocks at 470 mil. bu. roughly 60 mil. bu. below expectations. Usage cut 41 mil. bu. with exports down 25 mil., crush down 15 mil.
- Global stocks at just under 132 mmt were below the range of guesses. No changes to SA production
Wheat
- Ending stocks at 815 mil. bu. slightly above the 812 mil. last month, in line with expectations
- Global stocks steady at 257.6 mmt, slightly above expectations
- Kazakhstan production rose 2 mmt to 18 mmt however their exports cut .5 mmt.
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