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October 2022 WASDE: USDA Scissorhands
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Innhold levert av RaboResearch Agri Commodities and Rabobank RaboResearch Food. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av RaboResearch Agri Commodities and Rabobank RaboResearch Food eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.
On the latest RaboResearch Agri Commodities podcast, Carlos Mera and Michael Magdovitz discuss the October WASDE report. Poor 2022/23 US grain and oilseed harvests are forcing the USDA to become increasingly adept with scissors. As it cuts production, the USDA must increasingly (and tragically) cut demand to prevent ending stockpiles from disappearing. Relative to expectations, the report was bearish on corn and bullish on soy, and it resulted in funds partially unwinding their corn/soy spread. The prime takeaway is that supply inflation is being increasingly controlled by weak, recession-linked demand.
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