E202: Surprises Abound in July WASDE

The July WASDE dropped Friday July 10th, bringing the ongoing crop season into sharper focus as USDA continued to refine its acreage and production estimates. The June 28th reports from the department left the corn market in bearish state, estimating higher planted acres and higher stocks than expected, but the WASDE adjustments offered some relief, even as soybean numbers remained steady. DTN’s Lead Markets Analyst Todd Hultman joins us today to help us digest these latest figures, and put them in the context of today’s weather impacts. We’ll dig into the world stocks picture to understand the most recent figures out of Latin America for corn and soybeans, then we’ll tackle adjustments made on the domestic side as USDA solidifies its understanding of the crop in the field. We’ll discuss the US’s bigger than expected wheat crop, and how it fits into a global market cornered, at the moment, by Russia. Then we’ll dive into the livestock picture with analysis on the second half of the 2024 season for cattle and hogs.Then we’ll talk heatwaves, hurricanes, and the outlook for the overall biofuels market in the face of a shifting trade paradigm.