July 2024 WASDE

Jul 12, 2024

July 2024 WASDE
The USDA surprised with a friendly corn report.  They raised demand 150 mln bu for the 23/24 marketing year, 75 mln bu feed and 75 mln bu exports.  Carry-in pegged at 1.877 bil bu vs average trade guess of 2.049.  24/25 marketing year carryout came in at 2.097 bil bu vs the average trade guess of 2.312 bil bu.  Corn up 2 c currently.
No major shake up in the soybean balance sheets today.  23/24 carryout down 10 mln bu at 345 mn bu.  24/25 marketing year carryout projected right in line with estimates at 435 mln bu. Soybeans down 12 c currently.
Not a rosy report for the wheat.  Production raised 133 mln bu to 2.008 bil bu.  Carryout came in at 856 mln bu, up 98 mil bu from last month.  Wheat down 16 c currently.
Bottom Line
Maybe this report will stop the bleeding on the corn market.  Anything north of 2 bil bu on carryout is more than plenty but any extra demand from here may scare the funds to exit some of their estimated record short in corn.  Wheat will have a tough go unless corn turns around.  Weather watching on the soybeans from here on out. 

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