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.