USDA finally releases November WASDE

fell from $4.42 to $4.30, and the CBOT December wheat contract (KEZ25) price fell from $5.26 to $5.15. Prices recovered these losses the next trading day. This means the November WASDE report had little impact on corn and wheat prices (Table 1). Changes in wheat supply and demand estimates contained in the November WASDE are reflected in the stock-to-use ratios. The STU ratio for all U.S. wheat increased from 41% in the September WASDE to 44% in November. In November 2024, the STU ratio was 41%. The 16-year (2009-10 through 2024-25) average STU ratio is 41%. The hard red winter wheat STU ratio increased from 50% in the September WASDE to 55% in the November report. The STU ratio was 54% in November 2024. The 16-year average HRW wheat STU ratio is 50%. Looking at the world wheat situation, the STU ratio increased from 32% in September to 33% in November. The November 2024 WASDE projected the world wheat STU ratio to be 32%. The 16-year world wheat STU ratio is 34%. In the November ...