Last week’s World Agricultural Supply and Demand Estimates (WASDE) from the USDA revealed expectations of record corn and soybean production for 2023. The report sent markets, particularly soybeans, into a tailspin as production is slated to outpace demand. Soybean ending stocks are pegged at 215 million bushels, 5 million higher than April’s estimate.

However, wheat drove the most surprise with ending stocks slated at 598 million bushels with no change from last month despite trade’s expectation of 602 million bushels. The USDA reports corn bushels are pegged at 15.3 billion, up more than 10% from April’s report with an increase to both area and yield. The agency expects corn demand to largely keep pace with production. The double-digit losses in the soybean market Thursday stem from expectations that exports will decline in 2024.

Read more on the latest WASDE here.