News & Publications
January 16, 2024 |
Hope for the bull, prepare for the bear
On Jan. 12, USDA released a series of reports revealing January production, stocks, and supply-demand.
For corn, December 1 corn stocks surpassed expectations, standing at 156 million bushels greater than the 12.01 billion bushels trade average. Notably, South America experienced changes, with Brazil exceeding the trade average by 0.5 million metric tons and Argentina estimating 200 thousand bushels higher than the trade average.
The U.S. corn yield saw a significant increase of 2.6 bushels per acre to 177.3, contributing 108 million to the production total. Despite a half-million reduction in harvested area, ending stocks rose by 31 million to 2.162 billion, surpassing the trade average by 68 million. Feed/residual use increased by 25 million, and FSI consumption (ethanol-driven) received a 50-mbu boost.
