Changes for corn were limited in Friday’s December WASDE, with exports seeing the only meaningful change in the U.S. balance sheet—already expected as weekly sales continue to disappoint. Sales on the books are 48 percent behind last year and reaching even the new USDA forecast of 2.075 billion bushels may be challenging if sluggish export sales continue in 2023.
Looking at the global S&D, total production did drop: Argentina’s crop is still sitting at 55 MMT. By many estimates, Argentina’s crop was closer to 50 MMT due to drought, heat, and a poor crop start. Things are still early, so perhaps USDA is waiting for more information in Q1.
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