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USDA January S&D Numbers 1/12/24

The numbers are:

  • Bearish Corn

  • Negative Beans

  • Neutral Wheat


29 Minutes after Report was released:

  • March corn -13

  • January beans -30

  • March CBOT wheat -11

  • March KC wheat -5

  • March Spring wheat -2


USDA did:

  • Reduce Brazil bean crop by 4 mil mts

  • Increase Argentina's bean crop by 2 million mts

  • Reduced Brazil's corn crop by 2 million mts

  • Left Argentina's corn crop unchanged

  • Reduced harvested acres for 2023 US corn and soybeans 


Market will over react, but how much is what we do not know. How many of these carryover numbers will the market accept as truthful is the question.


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