8/12/2024
Aug 12, 2024
The USDA's August WASDE report gave the market more than just a snack to chew on. We are finally seeing some official numbers get hashed up after a planting season that had many wondering about acres. The report was brutal for soybeans which got hit with a double whammy in the acres and yield departments. Most notable changes: one million acres were switched from corn to soybeans and the Illinois corn crop was pegged at 225 bu/ac (203 bu/ac in 2023). Today's report balloons the forecasted U.S. soybean 2024/25 carryout by over 28% to 560 million bushels.
A fair amount of number shuffling on the U.S. corn balance sheet this month. Old crop numbers: netted a 10 million bushel decrease to the carryout. New crop side: 700k acres cut and a 75 million bushel increase to exports lower the forecasted ending stocks by 24 million bushels even after the USDA shocked with a big 183.1 avg yield for the U.S.
A fair amount of number shuffling on the U.S. corn balance sheet this month. Old crop numbers: netted a 10 million bushel decrease to the carryout. New crop side: 700k acres cut and a 75 million bushel increase to exports lower the forecasted ending stocks by 24 million bushels even after the USDA shocked with a big 183.1 avg yield for the U.S.