Written Commentary
SUPPLY/DEMAND REPORT HIGHLIGHTS
- World soybean supply higher. This is bearish.
- World corn supply higher but US cash market is tight. This is neutral.
- World wheat suppl lower. This is bullish.
- USDA estimated US 2022/23 corn carryout at 1,417 vs 1,366 expected and 1,342 last month
- USDA estimated US 2022/23 soybean carryout at 215 vs 212 expected and 210 last month
- USDA estimated US 2022/23 wheat carryout at 598 vs 603 expected and 598 last month
- USDA estimated US 2023/24 corn carryout at 2,222 vs 2,094 expected
- USDA estimated US 2023/24 soybean carryout at 335 vs 293 expected
- USDA estimated US 2022/23 wheat carryout at 556 vs 602 expected
- USDA estimated US 2023 corn crop at 15,265 mil bu for SD use only vs 13,730 last year
- USDA estimated US 2023 soybean crop at 4.510 mil bu for SD use only vs 4,276 last year.
- USDA estimated US 2023 wheat crop at 1,659 mil bu vs 1,789 expected and 1,650 last year.
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