Written Commentary
WASDE SUPPLY/DEMAND HIGHLIGHTS
Rather uneventful by USDA standards. Today’s data largely neutral. We attribute negative price action to better weather forecasts in SA and favorable US harvest conditions.
Corn Recap
- Production rose 17 mil. bu. to 15.203 bil. roughly 50 mil. above expectations
- The record yield was extended to 183.6 bpa
- New crop exports raised 25 mil. bu. to 2.325 bil. leaving stocks at 1.999 bil. slightly above expectations
- Global stocks down nearly 2 mmt to 306.5 mmt, in line with expectations
Beans Recap
- Production slipped 4 mil. bu. to 4.582 bil. in line
- Ave. yield cut .1 to 53.1 bpa, still a record high
- No change to new crop usage leaving ending stocks unchanged at 550 mil. as also in line
- Global stocks virtually unchanged at 134.65 mmt
Wheat Recap
- US ending stocks dropped 16 mil. bu. to 812 mil. a touch below expectations
- World stocks rose .5 mmt to 257.7 mmt, slightly above expectations
Infographic
(Click for larger image)
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