September WASDE: Voilà, it’s magic!

• Wheat
  • No changes to the U.S. balance sheet
  • Global production and stocks are down
  • Ukraine production is up: Impressive given the war
• Corn
  • USDA finds more acreage: Magic!
  • Minor reduction to carry-in
  • Look to the Grain Stocks report out end-of-month for a better idea on 2022/23 consumption
  • Have we reached a soft floor for Dec-23 corn futures?
• Soybeans
  • USDA finds more acreage here, too: More magic!
  • Yield, production, and crush all lowered
  • Predictions for total increased soybean meal
  • Weaker exports in 2023/24?
• Soybean oil
  • Battle between oil and meal for crush continues!
  • Ending stocks? Wait until consumption for 2022/23 has been finalized
  • Soybean oil prices: What to focus on
• Sugar
  • Plenty of fireworks to see here!
    • Production raised beyond Kevin’s expectations
    • Louisiana production lowered to 2019/20 levels
    • High-tier exports increased to craziness
    • Are sugar deliveries back to pre-COVID levels?
    • Mexico gets a haircut on its quota
  • Don’t miss tomorrow’s webinar!
    • Inflation and the Economy webinar with Shawn Bingham
    • Wednesday, Sep. 13, 2023, 11am PT / 2pm ET
    • Go to mckeany-flavell.com to register!

 

Host: Michael Caughlan, President & CEO
Expert: Nicole Thomas, Vice President – Information Services
Expert: Kevin Combs, Vice President – Global Sweeteners Specialist