E221: December WASDE Rocks Expectations

The December WASDE dropped Wednesday December 11th, and this usually quiet report brought with it unexpectedly bullish news for corn markets. As markets and the USDA turn their attention towards the crop in the Southern hemisphere and demand from around the world, U.S. crops are getting a boost. This week, we’re joined once again by DTN’s Lead Markets Analyst Rhett Montgomery, who guides us through the latest on the report, taking us right down the balance sheet to get the latest updates on demand and ending stocks, informed too by the release of Tuesday’s crop production report. We’ll dig into the expectations for adjustments and why the market got a bit of a surprise from the report, and what these changes might mean for the much more substantial version due out next month. We’ll also dig in to both changes on the world balance sheet and the most recent basis updates, to understand both the most local and the global impacts of USDA’s most recent forecasts. We’ll talk Latin American weather, the emerging export picture, and what Russian grain marketing decisions might mean for US wheat growers.