Written Commentary
SUPPLY/DEMAND REPORT HIGHLIGHTS
- Report bullish beans
- USDA lowered soybean and corn a bit lower than markets anticipated.
- Corn and Wheat following beans
- South America weather now key
- USDA estimated US 2023-24 corn carryout at 2,111 mil bu vs 2,138 expected and 2,221 in Sep
- USDA estimated US 2023-24 soybean carryout at 220 mil bu vs 233 expected and 220 in Sep
- USDA estimated US 2023-24 wheat carryout at 670 mil bu vs 674 expected and 615 in Sep
- USDA estimated US 2023 corn crop at 15,064 vs 15,101 expected. Yield 173.0 vs 173.5 expected
- USDA estimated US 2023 soybean crop at 4,104 vs 4,134 expected. Yield 49.6 vs 49.9 expected
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