USDA NUMBERS
Overall a pretty friendly report for corn and wheat, but bearish for soybeans. Although as I had mentioned the past few days, a lot of negativity was already priced in.
US Yield & Production: 🌽
Record yields. No surprise. On production they are looking at a decently smaller corn crop compared to last year, but a potentially much larger bean crop due to the acreage shift.
US Ending Stocks: 🇺🇸
These come in right around the estimates. However the corn numbers were friendly, as the YOY gain on corn ending stocks was a lot lower than some had been fearing it could have been.
A 2.1 billion carryout is far more friendly than a 2.5 billion one. Which is what the Feb Ag Outlook had.
World Ending Stocks: 🌍
Very friendly for corn & wheat. Both well below the estimates. Not so friendly for beans.
South America: 🇧🇷
USDA makes slight cuts, but nothing too crazy.
The main takeaway is the LARGE record Brazil soybean crop expected for next year..
Wheat Production 🌾
No major surprises. Majority coming in right around the estimates.
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5/9/24
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USDA IN 2 DAYS
5/7/24
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4/26/24
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