December WASDE 2024
Dec 10, 2024
12-10-24
December 2024 WASDE
Corn
The USDA gave us a friendly corn report today. They added 200 million bu of extra demand, 50 mln for ethanol and 150 for exports. Brings our carryout down to 1.738 bln bu, average trade guess was 1.906.
Soybeans
Little to no change on the soybean fundamentals today as the USDA decided to wait on tweaking demand on the soybeans. We shall see how much they take off of yield in the January report.
Wheat
No material changes to the wheat balance sheet. The USDA lowered carryout 20 mln bu but well within the average trade guess.
Bottom Line
The corn numbers were very friendly. Don’t envision a substantial rally based on these numbers but certainly raises the floor on how low corn can go. Soybeans are back to trading South American weather until we get to next month’s report.
December 2024 WASDE
Corn
The USDA gave us a friendly corn report today. They added 200 million bu of extra demand, 50 mln for ethanol and 150 for exports. Brings our carryout down to 1.738 bln bu, average trade guess was 1.906.
Soybeans
Little to no change on the soybean fundamentals today as the USDA decided to wait on tweaking demand on the soybeans. We shall see how much they take off of yield in the January report.
Wheat
No material changes to the wheat balance sheet. The USDA lowered carryout 20 mln bu but well within the average trade guess.
Bottom Line
The corn numbers were very friendly. Don’t envision a substantial rally based on these numbers but certainly raises the floor on how low corn can go. Soybeans are back to trading South American weather until we get to next month’s report.