The November WASDE dropped Nov. 9, 2023, bringing with it the unexpected announcement of an expected record corn crop. After late season drought impacted much of the corn belt, this update came as a shock to market watchers, and helped contribute to a bearish outlook in the marketplace.
DTN’s Lead Markets Analyst Todd Hultman joins us today to offer his insight on what’s informing USDA’s evolving outlook, and what farmers should consider as 2023 yield estimates move towards that final January figure. We’ll discuss the latest on the global weather picture, and how an optimistic outlook in Latin America will drive the market going forward. We’ll also dig into China demand as well as Russian actions in the wheat market as US growers continue to struggle to find buyers abroad.
Plus, Todd will explore the latest hit to the cattle markets as well as ongoing news in hogs. We’ll talk energy prices, interest rate hikes, and why Todd is following global geopolitics and trade partnerships so much as he looks to the year ahead.