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