# Basting: USDA's WASDE 'Surprised the Trade' with Increase in Brazilian Soybean Production for 2022-23 | Hoosier Ag Today

> USDA's December WASDE cut Brazil's 2023-24 soybean crop estimate by 2 million tons but raised the 2022-23 crop by the same amount, carrying that over as carry-in supply. Exports for the current crop were raised by 2 million tons, and the net effect was roughly neutral. Soybean futures saw some profit-taking after the report.

- Date: 2023-12-09 · published 2023-12-09T12:00:00.000Z
- Category: report · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/32627-basting-usda-s-wasde-surprised-the-trade-with-increase-in-brazilian-soybean
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

The offsetting revisions leave total Brazilian soybean supply largely unchanged, so the effect on soybean meal and oil prices is limited. Brazil's final crop size will still depend on the next 45 days of harvest.

## Read by commodity

- SOY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-12-08 | [USDA Lowers Brazilian Soybean Production, Increases Exports](https://feedsoft.ai/events/32631-usda-lowers-brazilian-soybean-production-increases-exports.md) | +0.2% | -5.5% |
| SOY | 2021-05-13 | [USDA increases soybean product ending stocks estimates - Brownfield Ag News](https://feedsoft.ai/events/47160-usda-increases-soybean-product-ending-stocks-estimates-brownfield-ag-news.md) | -7.4% | -7.0% |
| SOY | 2025-02-28 | [US soybeans production to fall in next marketing year: USDA](https://feedsoft.ai/events/26096-us-soybeans-production-to-fall-in-next-marketing-year-usda.md) | -0.9% | -0.6% |
| SOY | 2022-10-12 | [USDA maintains forecast for soybean oil use in biofuel production \| Biodiesel Magazine](https://feedsoft.ai/events/15365-usda-maintains-forecast-for-soybean-oil-use-in-biofuel-production-biodiesel.md) | -0.3% | +4.9% |
| SOY | 2018-10-19 | [Soybean oil production increased in September - McKeany-Flavell](https://feedsoft.ai/events/62629-soybean-oil-production-increased-in-september-mckeany-flavell.md) | -2.5% | +2.9% |

## Sources

- hoosieragtoday.com: https://www.hoosieragtoday.com/2023/12/09/basting-usda-wasde-december-2023/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.