Bullish soybeans, friendly corn
By Doug Tenney, Leist Mercantile
Report highlights: Soybean yield drops 1.4 bushels, corn yield drops .7 bushels. No change for corn exports or corn for ethanol. Soybean ending stocks drop 80 million bushels.
Trade expectations: A small decline for U.S. corn yield and U.S. soybean yield. U.S. corn exports and corn used for ethanol should increase.
The U.S. corn yield was 183.1, the average trade estimate was 183.7, last month USDA was 183.8. The U.S. soybean yield was 51.7, the average trade estimate was 52.8, last month USDA was 53.1.
Following the noon USDA report release, corn up 6 cents, soybeans up 15 cents, and wheat up 6 cents. Just before the report was released, corn was up 3 cents, soybeans down 4 cents, and wheat up 3 cents.
US 2024/25 ending stocks: corn 1.938 billion bushels, last month 1,999 billion bushels; soybeans 470 million bushels, last month 550 million bushels; and wheat 815 million bushels, last month 812 million bushels.… Continue reading