AgResource Analysis of USDA’s December WASDE
2022 Brazilian soybean production was increased 2 MMTs to 160 MMTs. Note that it’s always final exports that determine the size of Brazilian soy output, and exports exceeded USDA’s forecast in November. New crop Brazilian production was lowered 2 MMTs to 161 MMTs amid lower projected yield. Major revisions to South American production won’t occur…
AgResource Analysis of USDA’s December WASDE
US wheat end stocks were lowered 25 Mil Bu on larger projected exports. Pace analysis all season has validated USDA previous export number of 700 Mil Bu, and China securing 41 Mil Bu of SRW this week alters the balance sheet immediately. Chinese demand has been larger and more rapid than anticipated. ARC looks for…
AgResource Analysis of USDA’s December WASDE
WASDE left its HRS and HRW balance sheets untouched. 22/24 US SRW end stocks were lowered 25 Mil Bu due to larger exports. That the downward revision in SRW stocks was a function of demand is important as SRW stocks/use was lowered to 27%, vs. 37% previously and just marginally higher than last year. The…