September 2021 WASDE: Consumers Come in From the Cold RaboResearch Agri Commodities

Last Friday, the USDA published a nominally bearish September WASDE report, with higher objective yields and acreage lifting US corn, soy, and cotton production and ending stocks. Yet, CBOT counterintuitively rallied in response as it became clear that increased G&O availability would be gobbled up by sidelined consumers.
 
Join Rabobank’s Michael Magdovitz and Andrew Rawlings as they deconstruct the latest WASDE report.