WASDE report shows lower demand and higher stocks for corn and soybeans, leading to export struggles.
The latest World Agricultural Supply and Demand Estimates (WASDE) report released by the USDA showed that the US 2022/2023 corn and soy ending stocks were above the trade's expectations, reflecting poor export programs. The report also pegged the world ending stocks for corn, soybeans, and wheat, with the US 2023/2024 corn and soy ending stocks projected to increase. The market's main concern going forward will continue to be domestic weather.