December USDA S&D Recap
Wednesday, December 10, 2014, 12:12 PM
Submitted by: Joel Pudenz
USDA S&D report this morning was relatively uneventful. No major market impacts for either corn or soybeans. We should return to trading lower oil prices, a strong dollar, and favorable South American weather. Here’s a quick summary on the report:
o 2014/2015 carryout estimate dropped a mere 10 million bushels in the U.S.; World Carryout strengthened by 700,000 MMT.
o Corn is trading 3 cents lower now and will again focus on outside markets for some direction.
o 2014/2015 carryout was the thing to watch today, but failed to produce any fireworks. We dropped carryout estimates by 40 mil. Bu. from a drop in exports (carryout now at 410 mil bu.).
o Soymeal S&D didn’t have any changes
o Soyoil carryout firmed by 120 mil lbs. (due to soyoil yield estimates)
o World carryout numbers dropped by 500,000 MMT from last month
o Soybeans are trading 15 to 16 cents lower
All-in-all, this report was uneventful as expected. January S&D will have the full attention of the market as Quarterly Stocks as of Dec 1 will be released with the monthly S&D report. Acreage and production estimates will be finalized as well.