September WASDE 2024
Sep 12, 2024
9-12-24
September 2024 WASDE
Corn
Average trade guess for yield was down .7 bu from the August report and the USDA raised it by .5 bu to 183.6. Carryout projections were still lowered showing better demand at the lower price levels. The 23/24 marketing year carryout was lowered 55 mln bu and the 24/25 marketing year was lowered by 16 mln bu. Still hovering above the magical 2 bil bu level for this upcoming marketing year.
Soybeans
Soybean yield was steady from the August report. The 24/25 carryout projection lowered slightly to 550 mln bu, which is burdensome. South American production this winter will loom large on price direction.
Wheat
The wheat numbers were a nonevent today, price action following corn post report. The September Small Grains report at the end of the month will be of more importance to price action.
Bottom Line
Corn will be rangebound for now with the 2 bil bu carryout number, not overly burdensome but still plenty of corn to go around. South American weather will dictate price action until more demand shows up for both corn and soybeans.
September 2024 WASDE
Corn
Average trade guess for yield was down .7 bu from the August report and the USDA raised it by .5 bu to 183.6. Carryout projections were still lowered showing better demand at the lower price levels. The 23/24 marketing year carryout was lowered 55 mln bu and the 24/25 marketing year was lowered by 16 mln bu. Still hovering above the magical 2 bil bu level for this upcoming marketing year.
Soybeans
Soybean yield was steady from the August report. The 24/25 carryout projection lowered slightly to 550 mln bu, which is burdensome. South American production this winter will loom large on price direction.
Wheat
The wheat numbers were a nonevent today, price action following corn post report. The September Small Grains report at the end of the month will be of more importance to price action.
Bottom Line
Corn will be rangebound for now with the 2 bil bu carryout number, not overly burdensome but still plenty of corn to go around. South American weather will dictate price action until more demand shows up for both corn and soybeans.