Friday, March 8, 2024

USDA World Agricultural Supply Demand Estimates, March 2024 (WASDE)

 From the U.S. Department of Agriculture, March 8:

WHEAT: The outlook for 2023/24 U.S. wheat this month is for unchanged supplies and domestic use, lower exports, and higher ending stocks. Exports are reduced 15 million bushels to 710 million with reductions for Soft Red Winter and Hard Red Winter. Ending stocks are raised by an equivalent amount to 673 million bushels and are 18 percent higher than last year. The season-average farm price is reduced $0.05 per bushel to $7.15.

The global wheat outlook for 2023/24 is for larger supplies, consumption, and trade with reduced stocks. Supplies are projected to increase 0.8 million tons to 1,057.8 million, primarily on higher government production estimates for Australia, Russia, and Argentina partially offset by reductions for the EU and Serbia. Global consumption is raised 1.5 million tons to 799.0 million, mainly on higher feed and residual use for the EU, Kazakhstan, and Indonesia. World trade is raised 1.4 million tons to 212.1 million on higher exports by Ukraine, Australia, and Turkey. Projected 2023/24 global ending stocks are lowered 0.6 million tons to 258.8 million, the lowest since 2015/16.

COARSE GRAINS: This month’s 2023/24 U.S. corn outlook is unchanged relative to last month. The season-average corn price received by producers is lowered to $4.75 per bushel based on observed prices to date....


The report was just released a few minutes ago so we will wait a bit for the cross-currents of stocks vs. flows for the various commodities to be absorbed, more to come.