May WASDE 2024
May 10, 2024
5-10-24
May WASDE 2024
Corn
The USDA pegged the 23/24 marketing year carryout at 2.022 bil bu, 78 mln bu less than the average guess. The 24/25 marketing year carryout starts out at 2.102 bil bu, 18 mln bu less than the average trade guess. Production in South America did drop 2 mmt from the April WASDE in both Argentina and Brazil. Corn up 10 c currently.
Soybeans
No material change to the 23/24 balance sheet on soybeans. USDA has projected carryout for the 24/25 marketing year at 445 mln bu today, about 100 mln bu higher than the current 23/24 projection. Brazilian soybean production down 1 mmt from last month, but still a large gap between the USDA and CONAB’s estimates. We will see who ends up being right. Beans up 5 c currently.
Wheat
Wheat carryout for the 23/24 marketing year came in at 688 mln bu, 8 mlb bu higher than the average trade guess. World wheat carryout for 23/24 marketing year was up 1 mmt from expectation. 24/25 marketing year carryout down almost 4 mmt from the average guess. Hard Red production for 23/24 up 16 mln bu from expectation. KC Wheat up 19 c currently.
Bottom Line
No real drastic changes to the balance sheet for either the 23/24 or 24/25 marketing year from expectation. Weather will be what drives the market going forward until we get to the June planted acre numbers.
May WASDE 2024
Corn
The USDA pegged the 23/24 marketing year carryout at 2.022 bil bu, 78 mln bu less than the average guess. The 24/25 marketing year carryout starts out at 2.102 bil bu, 18 mln bu less than the average trade guess. Production in South America did drop 2 mmt from the April WASDE in both Argentina and Brazil. Corn up 10 c currently.
Soybeans
No material change to the 23/24 balance sheet on soybeans. USDA has projected carryout for the 24/25 marketing year at 445 mln bu today, about 100 mln bu higher than the current 23/24 projection. Brazilian soybean production down 1 mmt from last month, but still a large gap between the USDA and CONAB’s estimates. We will see who ends up being right. Beans up 5 c currently.
Wheat
Wheat carryout for the 23/24 marketing year came in at 688 mln bu, 8 mlb bu higher than the average trade guess. World wheat carryout for 23/24 marketing year was up 1 mmt from expectation. 24/25 marketing year carryout down almost 4 mmt from the average guess. Hard Red production for 23/24 up 16 mln bu from expectation. KC Wheat up 19 c currently.
Bottom Line
No real drastic changes to the balance sheet for either the 23/24 or 24/25 marketing year from expectation. Weather will be what drives the market going forward until we get to the June planted acre numbers.