Feb 2024 WASDE Report

Corn: One major change - cut 10mil bu off Food/Seed/Industrial use. Taking carryout to 2.172 vs 2.162. Stocks to Use ratio moving from 14.8% to 14.9%. Not a huge change, but it doesn’t leave a good taste in the markets mouth. Pre-report corn was trading down 2-3. March Corn is up 1 at 435. Dec24 Corn is unch at 473.

Beans: USDA cut exports by 35mil bu as US beans are still a premium to Brazil. Domestic export sales pace also not what it needs to be. Moved US carryout from 280 up to 315mil bu. Pre-report beans were trading up 10-12. March Beans are up 2 at 1191. Nov24 Beans up 2 at 1173.

CONAB (Brazil’s USDA) out this morning with their own report. Was a bullish report in that respect. Pegged Soybean crop at 149.4MMT vs 155.2MMT in January. Reported Corn at 113.7MMT vs 117.6, which was also friendly.