August WASDE 2024
Aug 12, 2024
8-12-24
August 2024 WASDE
Corn
The USDA pegged yield at 183.1 bu, up 2.1 bu from the July WASDE. Production came in at 15.147 bil bu, only 47 mil bu higher than the July WASDE. Results in a projected carryout for the 24/25 marketing year of 2.073 bil bu, lower than the July estimate by 24 mln bu. The USDA got to this number by decreasing harvested acres by 700 k. Corn up 6 c currently.
Soybeans
Yield on the soybeans came in at 53.2 bu, up 1.2 bu from the July WASDE. Production was raised to 4.589 bil bu, above the highest trade estimate. Results in a projected carryout for the 24/25 marketing year of 560 mln bu, a whopping 95 mln bu above the average trade guess. Soybeans down 18 c currently.
Wheat
Not much to report on the wheat front for this report. The Small Grains Stock report in September will bring the possibility of production revisions. Wheat down 3 c currently.
Bottom Line
Higher yield expectations were verified in this report, hard to argue with the weather we have had this summer. The corn acre number wasn’t a huge surprise with all the flooding earlier in the year, but certainly helps offset the higher yield number. Soybean carryout will be burdensome.
August 2024 WASDE
Corn
The USDA pegged yield at 183.1 bu, up 2.1 bu from the July WASDE. Production came in at 15.147 bil bu, only 47 mil bu higher than the July WASDE. Results in a projected carryout for the 24/25 marketing year of 2.073 bil bu, lower than the July estimate by 24 mln bu. The USDA got to this number by decreasing harvested acres by 700 k. Corn up 6 c currently.
Soybeans
Yield on the soybeans came in at 53.2 bu, up 1.2 bu from the July WASDE. Production was raised to 4.589 bil bu, above the highest trade estimate. Results in a projected carryout for the 24/25 marketing year of 560 mln bu, a whopping 95 mln bu above the average trade guess. Soybeans down 18 c currently.
Wheat
Not much to report on the wheat front for this report. The Small Grains Stock report in September will bring the possibility of production revisions. Wheat down 3 c currently.
Bottom Line
Higher yield expectations were verified in this report, hard to argue with the weather we have had this summer. The corn acre number wasn’t a huge surprise with all the flooding earlier in the year, but certainly helps offset the higher yield number. Soybean carryout will be burdensome.