Neutral, boring report day

By Doug Tenney, Leist Mercantile

This USDA report was expected to produce few changes in the monthly Supply and Demand Report. However, the U.S. export numbers of both corn and soybeans can easily be anticipated to increase. Why? The consistent months old pattern for weekly census reports is yielding higher export totals compared to the weekly Monday U.S. grain inspections reports.

After the report was released, corn was down 2 cents, soybeans down 2 cents, and wheat up 2 cents. Prior to the noon report, corn was up 4 cents, soybeans up 6 cents, and wheat up 6 cents.

US corn ending stocks were 1.540 billion bushels, last month 1.540 billion bushels, and the average trade estimate was 1.526 billion bushels. U.S. soybean ending stocks were 380 million bushels, last month was 380 million bushels, with the average trade estimate 374 million bushels. U.S. wheat ending stocks were 794 million bushels, last month was 798 million bushels, while the average trade estimate was 799 million bushels.… Continue reading