February WASDE 2025
Feb 11, 2025
2-11-25
February 2025 WASDE
Corn
No major changes to the domestic balance sheet today, carryout for the 24/25 marketing year left at 1.54 bil bu. The USDA did lower Argentine and Brazilian corn production by 1 mmt each, resulting in a smaller world carryout number.
Soybeans
The domestic balance sheet on soybeans was also left unchanged at 380 mln bu. Brazilian soybean production was unchanged but Argentine production was lowered 3 mmt.
Wheat
Domestic carryout was lowered by a tiny 4 mil bu on wheat. World carryout was also lowered by 1.26 mmt.
Bottom Line
No material changes in the February WASDE, which is the norm for this report. Trade was looking for a smaller corn carryout today based on export pace, that can gets kicked down the road until the March report. The domestic soybean numbers were right in line with expectation, though the mild surprise was Brazilian production staying status quo. The USDA is around 4 mmt lower than the Brazilian agencies estimate. Back to watching weather and tariff talk. Volatile times ahead.
February 2025 WASDE
Corn
No major changes to the domestic balance sheet today, carryout for the 24/25 marketing year left at 1.54 bil bu. The USDA did lower Argentine and Brazilian corn production by 1 mmt each, resulting in a smaller world carryout number.
Soybeans
The domestic balance sheet on soybeans was also left unchanged at 380 mln bu. Brazilian soybean production was unchanged but Argentine production was lowered 3 mmt.
Wheat
Domestic carryout was lowered by a tiny 4 mil bu on wheat. World carryout was also lowered by 1.26 mmt.
Bottom Line
No material changes in the February WASDE, which is the norm for this report. Trade was looking for a smaller corn carryout today based on export pace, that can gets kicked down the road until the March report. The domestic soybean numbers were right in line with expectation, though the mild surprise was Brazilian production staying status quo. The USDA is around 4 mmt lower than the Brazilian agencies estimate. Back to watching weather and tariff talk. Volatile times ahead.