·
Looking at CBOT #wheat futures over the past 3 years and the latest trend, it's probably safe to say the market isn't too worried about the low stocks/use forecast for 2023/24. Is this the right call?
#Wheat stocks-to-use among major exporters in 2023/24 is projected to fall close to 2007/08's all-time low. The issue is that the upcoming "dip" in wheat S/U keeps being thrown forward (i.e. this was originally forecast for 21/22, then 22/23....)
NOPA U.S. crush, August 2023:161.453 million bushels of #soybeansBelow trade guess of 167.8 mbu-2.5% from Aug 2022Crush plants took seasonal downtime#Soyoil stocks 1.25 bln lbsWell below trade guess of 1.483bLowest since Oct. 2017-20% from Aug. 2022