Written Commentary
USDA WASDE PRODUCTION HIGHLIGHTS
Today’s USDA data was bearish for the feed grains, both corn and wheat. Neutral to maybe even a touch friendly for soybeans.
Weakness across the board seeming led by wheat.
Corn:
- 1st stocks at 1.532 bil. bu. was 195 mil. above expectations and up 207 mil. from the USDA Sept-25 WASDE report
- 2024 US corn production revised up 25 mil. to 14.892 bil.
- Domestic feed usage much weaker than expected
Beans:
- 1st stocks at 316 mil. bu. was 7 mil. below expectations and down 14 mil. from the USDA Sept-25 WASDE report
- 2024 US soybean production revised up 8 mil. bu. to 4.374 bil.
- Strong margins fueled higher than expected soybean crush in the June thru Aug. quarter
Wheat
- Sept 1st stocks at 2.120 bil. bu. were 77 mil. above expectations and 128 mil. above YA
- All wheat production rose 58 mil. to 1.985 bil., 60 mil. above expectations
- Winter wheat was raised 47 mil. to 1.402 bil.
- By class production saw HRW – 804 mil. up 35 mil., SRW – 353 mil. up 14 mil. and white -244 mil. down 3 mil.
- Spring wheat was raised 13 mil. to 497 mil.
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