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MARKET COMMENTARY

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:

·         Corn

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.

·         Soybeans

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.

 

 

 

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