Corn:

1. Strong corn usage – biggest surprise in today’s report
2. Old crop:

• Stocks: 1.877 billion bushels (down 145 million from June, 165 million below expectations)
• Usage increases:
  • Feed: up 75 million bushels
  • Export: up 75 million bushels

1. 2024 Production:

• Total: 15.1 billion bushels (in line with expectations)
• Yield: steady at 181 bushels per acre

1. New crop:

• Ending stocks: 2.1 billion bushels (well below expectations of 2.3 billion)
• Usage increases:
  • Total: up 100 million bushels
  • Export: up 25 million bushels
  • Feed: up 75 million bushels

Soybeans:

1. Overall: Neutral, with production and stocks in line with expectations
2. Production: 4.435 billion bushels
3. Yield: unchanged at 52 bushels per acre
4. New crop ending stocks: 435 million bushels (slightly below expectations)

Wheat:

1. All wheat production: just over 2.0 billion bushels (well above expectations)
2. Winter wheat:

• Production: 1.341 billion bushels (up 46 million from June, 24 million above average guess)

1. Hard Red Winter (HRW) wheat:

• Production: 763 million bushels (up 57 million, 20 million above average guess)

World Outlook:

1. World stocks: in line with expectations
2. Brazil: No changes to production
3. Argentina:

• Corn: down 1 million metric tons to 52 million metric tons
• Soybeans: down 0.5 million metric tons to 49.5 million metric tons

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