January 2024 WASDE

Jan 12, 2024

Final corn yield number came in at 177.3 bu, up a whopping 2.4 bu from the November report. The shocking increase in yield results in a carryout of 2.162 bil bu, up 31 mln bu from the November report. Corn currently down 15 c.
The USDA raised the final soybean yield to 50.6 bu, up from 49.9 in the November report.  This results in a projected carryout of 280 mln bu.  Argentine soybean production was raised to 50 mmt, up 2 mmt from the December estimate.  Brazilian soybean production was lowered to 157 mmt, 4 mmt lower than the December figures. Would not be surprised to see the USDA continue to lower Brazilian production, question now is will it be enough to matter to the market.  Soybeans currently down 29 c.
Wheat was the lone positive in today’s report as all winter wheat acres came in at 34.43 mln. Hard Red Winter acres came in at 24 mln which was at the low end of the trade estimates and down 7 % from planted acres last year.  Wheat currently down 5 c.
Bottom Line
Overall, this was a pretty bearish report with larger supplies on the corn and soybean side.  Hard to find a reason to have any bullish hope for awhile after this report today. 

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