USDA WASDE – No Longer Biden Xi Time

We’ve just released our take on the USDA’s November 2020 WASDE report. Here are the main highlights: The USDA’s string of surprises was supposed to be over following October’s shock discovery of light US corn and soybean bins that sent carry-out to multi-year lows. In comparison with the previous month’s sweeping cuts, however, the November WASDE finally brought US stocks, particularly for soy, into the danger zone. Broad-based global restocking (driven by China) and La Niña weather concerns are helping move 2020/21 US G&O carry-outs from comfortable to downright concerning. South American weather must fire on all cylinders in the coming months to limit mounting US stocks pressure.

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  • Stefan Vogel

    Global Strategist - Grains & Oilseeds; Head of Agri Commodity Markets
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  • Carlos Mera

    Senior Analyst - Agri Commodity Markets
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  • Michael Magdovitz

    Commodity Analyst
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  • Andrew Rawlings

    Associate Analyst - Agri Commodities
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