12/10/24:  Both wheat and corn ending stocks in the US lower than the market anticipated on this mornings USDA report.  Corn ending stocks projected at 1.74 billion bu down from 1.94 billion bu on the November report.  Trade expected it to be around 1.91 billion bu, and the market is reacting favorably to the miss with futures now 6 cents off the 6-month highs.  Wheat ending stocks came in at .795 billion bu down from .815 billion bu in November.  This is below the average guess of the market of .814 billion bu but still in the range of expectations.  Wheat boards up 2-5 cents led by HRW, but they all remain 60-65 cents off the highs.  Soybeans were as expected with no change from the November number of .47 billion bu.  World carryout numbers followed suit with corn carryout down 8 million metric tons to 296.44 MMT.  Well below the markets expected number of 303.57 mmt.  World Wheat and Soybeans essentially unchanged from the November numbers.  Only note on the wheat by class is SWW stocks dropped from 95 to 80, USDA never seems to have the best handle on SWW compared to the other wheats, but that’s a significant drop and should help keep SWW bids from breaking in the near term.  Friendly report should help keep prices relatively firm in the near term.  All eyes on corn and if it can break through the 6-month high.

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