February WASDE 2024
Feb 08, 2024
February 2024 WASDE Commentary
Corn
The USDA lowered demand 10 million bushels, which resulted in a projected carry out of 2.172 billion bushels. Average trade guess on projected carry out was 2.146 billion. Argentine corn production was left at 55 million metric ton, Brazilian corn production down 3 million metric ton. Corn unchanged currently.
Soybeans
Projected domestic carryout was raised to 315 million bushels, compares to an average trade guess of 284 million bushels. The USDA got to there by lowering exports by 35 million bushels. Brazilian soybean production was lowered by 1 million metric ton vs an average trade guess of down almost 4 million metric ton. Soybeans traded back to a positive value after taking a hit immediately following the report release, currently up 3 c.
Wheat
Domestic demand for food use was lowered by 10 million bushels, results in a projected carryout of 658 million bushels. World wheat carryout lowered ever so slightly by around 1/2 million metric ton. Wheat currently down 13 c.
Bottom Line
The USDA still believes in the potential of the Brazilian soybean crop vs what CONAB released this week. No major changes to the domestic balance sheets, likely back to the trend of sideways to lower for now.
Click here to view the report
Corn
The USDA lowered demand 10 million bushels, which resulted in a projected carry out of 2.172 billion bushels. Average trade guess on projected carry out was 2.146 billion. Argentine corn production was left at 55 million metric ton, Brazilian corn production down 3 million metric ton. Corn unchanged currently.
Soybeans
Projected domestic carryout was raised to 315 million bushels, compares to an average trade guess of 284 million bushels. The USDA got to there by lowering exports by 35 million bushels. Brazilian soybean production was lowered by 1 million metric ton vs an average trade guess of down almost 4 million metric ton. Soybeans traded back to a positive value after taking a hit immediately following the report release, currently up 3 c.
Wheat
Domestic demand for food use was lowered by 10 million bushels, results in a projected carryout of 658 million bushels. World wheat carryout lowered ever so slightly by around 1/2 million metric ton. Wheat currently down 13 c.
Bottom Line
The USDA still believes in the potential of the Brazilian soybean crop vs what CONAB released this week. No major changes to the domestic balance sheets, likely back to the trend of sideways to lower for now.
Click here to view the report