USDA lowered Brazilian soybean production by 2 million metric tons (mmt) to 161 mmt (5.9 billion bushels) in one of the few significant changes to crop production numbers. Despite lower production, USDA increased Brazil's exports 2 mmt to 99.5 mmt.
USDA on Friday released the World Agricultural Supply & Demand Estimates (WASDE) for December. The report offered few changes to domestic supplies and demand.
According to DTN Lead Analyst Todd Hultman, Friday's new-crop U.S. ending stocks estimates were roughly neutral for corn, soybeans and wheat. Hultman sees the world ending stocks estimates from USDA as roughly neutral for corn, soybeans and wheat.
Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
You can also access the full reports here:
-- Crop Production: https://www.nass.usda.gov/…
-- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
CORN
In a report with few changes, USDA increased U.S. corn exports 25 million bushels (mb) to 2.1 billion bushels (bb).
Most corn numbers held pat. U.S. production for 2023-24 crop was 15.234 bb and yield remained at 174.9 bushels per acre.
Ending stocks for the 2023-24 crop remained at 2.156 bb.
On the demand side, Feed and Residual use came in at 5.65 bb. Total 2023-24 Food, Seed and Industrial use at 6.740 bb. Ethanol use was 5.325 bb. Total domestic use is forecast at 12.39 bb. Exports for the corn crop are pegged at 2.1 bb.
The farmgate price for the 2023-24 crop remained at $4.85 a bushel.
Globally, beginning stocks for the 2023-24 new crop were raised .88 mmt to 300.1 mmt. Production globally was raised 1.28 mmt to 1,222.07 mmt. Global exports were bumped up 1.84 mmt to 201.46 mmt. Global ending stocks for the new crop are forecast at 315.22 mmt, up .23 mmt.
Ukraine's production was increased 1 mmt to 30.5 and Ukraine's exports also were increased 1 mmt to 21 mmt.
Looking at global 2022-23 crop, Brazil's production was held at 137 mmt and exports were held pat at 57 mmt. Argentina's production was held at 34 mmt and Argentina's exports were held pat at 23 mmt.
SOYBEANS
Brazilian soybean production was estimated at 161.0 mmt, a decrease from 163.0 mmt in November. Despite lower production, USDA increased Brazil's exports 2 mmt to 99.5 mmt.
Total production for U.S. soybean remained at 4.13 bb, the same as November. The yield forecast was 49.9 bushels per acre, also left unchanged from last month.
Domestic ending stocks for 2023-2024 are forecast at 245 mb, unchanged from November.
The national average farm gate price was left unchanged at $12.90 per bushel.
Globally, USDA pegged world soybean stocks at 114.21 mmt, decreased from 114.51 mmt last month.
Argentina's soybean crop is estimated at 48.0 mmt, which is unchanged from last month.
WHEAT
USDA estimates U.S. wheat ending stocks at 659 mb, decreased from November's estimate of 684 mb.
U.S. wheat use is estimated at 1.89 bb, increased from 1.86 bb in November.
Wheat exports were estimated at 725 mb, an increase from 700 mb last month. USDA estimates the farmgate price of wheat at $7.30, also a bump up from $7.20 last month.
Wheat world ending stocks were estimated at 258.20 mmt, down from 258.69 mmt in November.
USDA pegged global wheat production at 783.01 mmt, an increase from 781.98 mmt last month.
USDA estimates wheat production in Argentina at 15.0 mmt, unchanged from the November. Brazil's production was estimated at 8.4 mmt, down from 9.4 mmt. Wheat production in Australia was estimated at 8.4 mmt, down 1 mmt from November.
USDA estimates wheat production in Russia at 90 mmt, unchanged from November. Ukraine wheat production was pegged at 22.5 mmt, also unchanged from last month.
Wheat exports from Russia were estimated at 50 mmt, left unchanged from last month, while USDA estimates Ukraine exports at 12.5 mmt, an increase from 12.0 mmt in November.
LIVESTOCK
The December WASDE report focused on stability through the end of 2023 when it comes to production levels in the beef market, but underlined the current concerns of increased 2024 production for beef production, which has already posted significant market pressure over the past few weeks.
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