Grain traders at mid-week have brushed aside Tuesday’s monthly USDA supply and demand report (WASDE) that contained no surprises, as expected. The agency made no changes to its forecasts for 2024-25 marketing year U.S. corn, soybean and cotton ending stocks. It raised projected carryover for U.S. wheat and made only modest changes to global ending grain stocks.
Importantly, Tuesday’s WASDE report only considered U.S. trade policies that were in effect at the time of publication. Further, unless a formal end date is specified, the report also assumed that these trade policies remain in place. Said USDA:
