E129: A Very Merry December WASDE

The December WASDE dropped Friday, December 9th, largely meeting market expectations with a few key updates around demand and global crop levels. And yet, as the 2022 draws to a close, a few key riddles remain in the market– leaving many scratching their heads about what USDA, and traders, might be missing. DTN’s Todd Hultman joins us to dig into the relevant changes in the corn export and ethanol demand pictures, as well as to walk us through the inexplicable current state of the global wheat market. We’ll dive into farmer outlooks on the year’s harvest, unpack how EPAs announcements on the renewable fuel standard are (and aren’t) affecting soybean crush expectations, and check in on the record high basis figures that are lingering across the country. Then we’ll look ahead to the January WASDE, potential market moving news in 2023, and the hot and dry conditions in Argentina.