USDA Grain Summary

Dec 08, 2023

December 2023 WASDE Commentary
No material changes to the domestic balance sheet today as expected.  The USDA left Brazilian corn production unchanged, trade was looking for a 2 million metric ton reduction on average.  Argentine corn production unchanged as well. Corn down 2 c currently.
The USDA left the domestic soybean balance sheet unchanged.  No changes to Argentine production either.  Brazilian soybean production was reduced by 2 million metric ton, production was still higher than the average guess by 1 million metric ton. Soybeans down 5 c currently.
The USDA raised US exports by 30 million bushels due to the recent Chinese buying spree of soft red wheat.  This increase in exports reduced the all wheat carryout to 659 million bushels.  World wheat ending stocks were lowered by around .5 million metric ton.  Wheat down 6 c currently.
Bottom Line
The focus in today’s report was South American corn and bean production. The USDA stuck to the script of taking the wait and see approach before slashing production estimates down South.  Weather in South America will continue to be the focus of the trade going forward.   

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