E218: November WASDE Knocks Down Record Crop

The November WASDE dropped Friday November 8th, including updates to both corn and soybean production for 2024, bringing both crops down from their predicted record levels. Though many expected to see this update from USDA now that more than 90% of harvest is complete, the picture was complicated further down the balance sheet, leading to some mixed results in the market. This week, we’re introducing DTN’s new Lead Analyst Rhett Montgomery, who joins us today for his first WASDE breakdown. He’ll tackle the latest updates on stocks for major grains, and analyze USDA demand updates (and lack thereof) that contributed to an underwhelming market reaction. He’ll dig into the basis picture during this peak harvest window, and tackle the global stocks updates as the world’s attention turns to Latin America. Then, we’ll hear updates on the wheat market at home and abroad, and hear what Rhett will be on the lookout for in the coming weeks and months as the national and global stages continue to be crowded with news.