USDA’s WASDE: the calm before the storm? Not anymore — ASAP Agri

The USDA’s monthly WASDE reports have failed to surprise market operators for several months already. Indeed, since June 2024, the combined absolute price changes for wheat, corn, and soybeans have not exceeded 12 USD on the day the report was released, Olivier Bouillet, the Head of Analytics & Insights at ASAP Agri, told Latifundist.com.

The upcoming USDA WASDE report, set for release this Friday, 8 Nov, is expected to offer little change in the outlook for US and global corn and wheat stocks. Analysts anticipate that the figures will remain largely stable, with key expectations as follows:

• US wheat: November stocks at 22.1 MLN MT (no change from October)
• Global wheat: November stocks at 256.8 MLN T (down by 0.9 MLN MT from October)
• US corn: November stocks at 49.4 MLN MT (down by 0.9 MLN MT from October)
• Global corn: November stocks at 305.7 MLN MT (down by 0.8 MLN MT from October)

Despite the election of Donald Trump as the next president of the U.S., it is still too early for the USDA to make any adjustments tied to potential trade policy changes, as the inauguration is scheduled for January 20th, 2025. As a result, we can likely expect another status quo for CBOT prices following the report’s release on Friday, the analyst notes.