Written Commentary
SUPPLY/DEMAND HIGHLIGHTS
Strong corn usage biggest surprise in today’s report.
- Old crop stocks 1.877 bil. bu. down 145 from June, 165 mil. below expectations
- Feed usage and export both raised 75 mil. bu.
- 2024 Production 15.1 bil. in line with expectations, yield steady at 181 bpa
- New crop ending stocks at 2.1 bil. well below expectations of 2.3 bil
- New crop usage up 100 mil., export up 25 mil. feed up 75 mil.
Beans Neutral with production and stocks in line with expectations
- Bean production 4.435 bil. yield unchanged at 52 bpa
- New crop ending stocks 435 mil. slightly below expectations
All wheat production at just over 2.0 bil. well above expectations
- Winter wheat production 1.341 bil. up 46 mil. from June and 24 mil. above Ave. guess
- HRW production jumped 57 mil. to 763 mil. 20 mil. above Ave. guess.
World stocks in line with expectations. No changes to Brazil production. Argentine corn down 1 mmt to 52 mmt, beans down .5 mmt to 49.5 mmt.
Infographic
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