News
USDA keeps U.S., world supply, demand changes minimal
The USDA trimmed domestic corn ending stocks a little bit on the lower 2024 crop production estimate, leaving export demand untouched for now, and slashed soybean ending stocks on the smaller crop, while also reducing exports and domestic crush. U.S. wheat ending stocks were up modestly with higher imports canceling out a larger food use number.
The USDA’s 2024/25 marketing year kicked off June 1st for wheat and September 1st for beans and corn.
The USDA also kept global supply and demand changes for major crops to a minimum in November.
World wheat production was a little bit above October, with slightly larger crop estimates for Kazakhstan, the United Kingdom, and the Middle East more than canceling out modest cuts for Argentina, Brazil, the European Union, and Russia.
Global wheat import and export changes were also minimal.
For corn, no changes this month to South American production, but the USDA did raise imports for Mexico, while lowering imports for China and exports for Brazil.
There were no changes to soybean production for South America either, with a slight increase for Brazil’s soybean exports.
The USDA’s next round of supply, demand, and production estimates is out December 10th.