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January 2024 WASDE: Disciplined consumers are rewarded
Manage episode 407129288 series 3558065
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Last Friday the USDA released a catalogue of data: the January WASDE, quarterly grain stocks, and Winter Wheat and Canola Seedings. The releases were largely bearish and confirmed the views held in our 2024 outlook (Buyers sail home on rising supplies) of higher-than-expected production and weaker demand. Consumers who have been disciplined are now being rewarded in terms of lower global G&O prices.
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