Written Commentary
WASDE SUPPLY/DEMAND HIGHLIGHTS
Impact on feed grains is mixed, supportive for corn, bearish for wheat. Data for the soybean complex is largely neutral.
Corn:
- US stocks cut 75 mil. bu. 1.465 bil. 45 mil. below the Ave. trade guess
- Feed usage lowered 25 mil. exports raised 100 mil. to 2.550 bil.
- US Farm Price unchanged at $4.35 bu.
- No changed to SA production
- Global stocks cut 1.3 mmt to 287.65 mmt, due to lower US stocks
Beans:
- US stocks cut 5 mil. bu. to 375 mil., in line with expectations
- Imports raised 5 mil. while crush was raised 10 mil. bu.
- US Farm Price unchanged at $9.95 bu.
- Bean oil stocks down 80 mil. lbs. to 1.451 bil. lbs.
- Bean oil exports up 500 mil. lbs. domestic use down 300, production up 120
- No changes to SA production, global stocks up 1.1 mmt to 122.5 mmt
Wheat:
- US stocks increased 25 mil. bu. to 846 mil. 20 mil. above expectations
- Imports raised 10 mil. bu. while exports lowered 15 mil.
- HRW stocks up 26 mil., spring up 16 mil., durum down 13 mil.
- US Farm Price unchanged at $5.50
- Global stocks up .6 mmt to 260.7 mmt
- Russian exports down 1 mmt, Ukraine & Canada up .5 mmt, EU & Australia down .5 mm
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