Extremely bullish for wheat!
Ending stocks for U.S. #corn and #soybeans in 2023/24 are pegged above pre-report trade estimates, though #wheat stocks come in lower. Old-crop corn stocks also in well above expectations.
Again, EXTREMELY bullish for wheat!
U.S. #wheat production comes in significantly lower than expected - hard red winter and white winter were greatly overestimated by the trade. Total wheat crop is seen barely beating last year despite a large rise in acres.
This is the ENTIRE reason why:
These maps sometimes take a day to catch up to incorporate the latest data(the bottom map is only updated once a week).
May 9, 2023
This is entirely a hard red winter wheat crop issue. HRW , grown in the Plains is up almost 40c right now but the SRW, grown farther east is up only 11c!
Surprisingly no changes to #Argentina's #corn or #soybeans from last month.Huge bump in #Brazil's corn crop, soybeans rise as expected.
Starting yields for U.S. #corn & #soybeans both reflect all-time highs. The numbers in this table should have been the most predictable of the report based on the way USDA does these estimates.
World ending stocks theme: bigger than expected. Especially true for new-crop #soybeans as #Brazil is seen growing a crop of 163 mmt in 2023/24 while #China imports 100 mt.
The state of the U.S. #soybean market (projected) heading into 2023/24: Record crop, four-year high in ending stocks and stocks-to-use, but exports at a four-year low. Record crush, though.
U.S. #corn supply relative to use in 2023/24 is seen just about as high as it's been since the mid-2000s. Demand assumptions are comparably modest versus supplies. Record crop expectations rely on a 181.5 bu/acre yield, up 4.8 from the prior high.