Written Commentary
SUPPLY/DEMAND HIGHLIGHTS
Today’s USDA data is views as slightly friendly for the soybean complex, slightly bearish for corn while being neutral for wheat.
Corn
- Production increased 39 mil. bu. to 15.186 bil. 30 mil. above expectations
- Record yield at 183.6 bpa, vs. 183.1 last month
- Old crop stocks below expectations at 1.812 bil. due to stronger exports and usage for ethanol production
- New crop stocks at 2.057 bil. were above expectations
Beans
- Production trimmed 3 mil. bu. to 4.586 bil. 23 mil. below expectations
- Record yields were left unchanged at 53.2 bpa
- Old crop stocks cut 5 mil. to 340 mil. in line with estimates
- New crop stocks cut 10 mil. bu. to 550 mil. 34 mil. below expectations
- Ending stocks unchanged at 828 mil. bu. market was expected modest cut
- No production changes until month end report
- Global stocks slightly above expectations despite a 4 mmt cut to EU production
Infographic
(Click for larger image)
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