Neutral, USDA punted with no major changes

By Doug Tenney, Leist Mercantile

Traders were looking for changes in U.S. old corn demand in the June 12 WASDE report, expecting exports to increase by 50 million bushels while corn used for feed could decrease by 25 million bushels. Additionally, increases in Brazil’s corn production were also anticipated. Here’s what actually took place – U.S. old corn exports increased by 50 million bushels, and U.S. old corn fed was unchanged. U.S. old corn ending stocks down 50 million bushels.  Brazil’s corn production was unchanged. 

After the report was released, corn was up 1 cent, soybeans down 4 cents, and wheat down 2 cents. Prior to the noon report, corn was up 3 cents, soybeans down 3 cents, and wheat down 2 cents.

U.S. ending stocks for the 2024-25 marketing year: U.S. corn ending stocks were 1.365 million bushels, down 50 million bushels, last month 1.415 billion bushels, and the average trade estimate was 1.392 billion bushels.… Continue reading