USDA makes sizable adjustments in recent supply and demand update | Weekly Commodity Market Update

Brownfield Ag News

This week Will and Ben review USDA's December WASDE numbers and look ahead to the Federal Reserve's meeting this week.

Market recap (changes on week as of Monday's close):

» March 2025 corn up $.04 at $4.45

» December 2025 corn up $.01 at $4.40

» January 2025 soybeans down $.08 at $9.82

» November 2025 soybeans down $.06 at $9.98

» March soybean oil down 0.97 cents at 42.07 cents/lb

» March soybean meal down $2.30 at $293.70/short ton

» March wheat down $.08 at $5.50

» July 2025 wheat down $.06 at $5.67

» March cotton down 0.89 cents at 69.06 cents/lb

» December 2025 cotton down 0.81 at 70.33 cents/lb

» October WTI Crude Oil up 2.45 at $70.58/barrel

Weekly highlights:

The US Consumer Price Index for November was reported at 2.7% year over year matching expectations but up from 2.6% in October. The producer price index was up 3% in November compared to the year prior and up from 2.6% in October.

The National Oilseed Processors Association reported their members crushed 193.2 million bushels of soybeans in November- down from 200 in October and 3.5 million below the average trade estimate. Although the volume was a new November record.

NOPA Also reported soybean oil stocks at 1,084 million pounds- below the average trade estimate of 1,123 million pounds. Implied domestic use of 2,284 million pounds is down from October but a November record.

USDA updated supply and demand estimates a week ago. The December report increased corn use for ethanol 50 million bushels and exports 150 million bushels. With no other changes- corn ending stocks were reduced 200 million bushels. Soybean balance sheet was left unchanged other than the season average price dropping to 60 cents per bushel to $10.20.

US grains and oilseed export sales were bearish on the week. Corn sales of 37.3 million bushels and soybean sales of 43.1 million fell below their pre-report trade expectations. Wheat sales of 10.7 million bushels were at the low end of expectations.

Weekly export inspections of grains and oilseeds were as expected. Corn shipments of 44.5 million bushels were above the week prior, at the top end of expectations and the largest weekly total in three months. Soybean shipments of 61.6 million bushels were down slightly from the week prior and the smallest volume in 2.5 months.

Topics:

» USDA releases December WASDE

» NOPA: soybean crush numbers down on the month

» Federal Reserve in interesting position

» Reports to watch

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