October WASDE 2024
Oct 11, 2024
10-11-24
October 2024 WASDE
Corn
Corn yield came in at 183.8, up just a hair from the September report. Carryout however was lowered to 1.999 bil bu from 2.057 in the previous month’s report. Corn unchanged upon release.
Soybeans
Soybean yield was pegged at 53.1, down slightly from the 53.2 number in the September report. Carryout unchanged at 550 mln bu. Soybeans down 3 c upon release.
Wheat
USDA incorporated the September stocks report and came up with 812 mln bu on the US carryout, down from 828 mln. World carryout was raised slightly to 257.72, from 257.22 mln tonnes. Wheat down 10 c upon release.
Bottom Line
The October WASDE lived up to expectation of having no major changes. The soybean carryout number is burdensome and will make it tough to sustain a rally of any significance. Corn carryout still hovering around the magical 2 bil bu number, no real reason to breakout of the recent range we have been in.
October 2024 WASDE
Corn
Corn yield came in at 183.8, up just a hair from the September report. Carryout however was lowered to 1.999 bil bu from 2.057 in the previous month’s report. Corn unchanged upon release.
Soybeans
Soybean yield was pegged at 53.1, down slightly from the 53.2 number in the September report. Carryout unchanged at 550 mln bu. Soybeans down 3 c upon release.
Wheat
USDA incorporated the September stocks report and came up with 812 mln bu on the US carryout, down from 828 mln. World carryout was raised slightly to 257.72, from 257.22 mln tonnes. Wheat down 10 c upon release.
Bottom Line
The October WASDE lived up to expectation of having no major changes. The soybean carryout number is burdensome and will make it tough to sustain a rally of any significance. Corn carryout still hovering around the magical 2 bil bu number, no real reason to breakout of the recent range we have been in.