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September 12 WASDE report. What is important is the Global ending stocks. The only thing that matters is whether ending stocks are growing or shrinking. Corn is growing quite a lot which is bearish. Soybeans are steady which is more or less neutral. Global Wheat ending stocks should be dropping for the second year in a row. This is significant and a bullish signal.
World Ending Stock
USA CROP PROGRESS September 11
Corn Harvest: 5%; Good to Excellent: 52 last week:53
Soybean Harvest: 0%; Good to Excellent: 52 last week:53
Spring Wheat Harvest: 83%; Last week: 74
Winter Wheat Planted: 9%
Canada Harvest Progress
Overall Harvest. 2023 has got to be one of the fastest harvests on record. The weather has been perfect and combines have been rolling every day. The reports issued are more than 10 days old which means data is useless.
It seems that the majority of pulse crops are harvested as of Sept 13.
The cereals quickly catching up and could easily be in the high 80% by the beginning of next week.
Overall Yields are better than expected but they are still below the trendline average.
Charts and Graphs:
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