Written Commentary
USDA WASDE PRODUCTION HIGHLIGHTS
Bearish data across the board…..
Corn:
- US production rose 269 mil. bu. to 17.021 bil., 470 mil. bu. above expectations
- Harvested acres up 1.21 mil. to 91.258 mil. Ave. yield rose .5 to 186.5 bpa
- Demand rose 90 mil. to a record 16.370 bil.
- US ending stocks up 198 mil. to 2.227 bil., 255 mil. above expectations
- World stocks surged 11 mmt to 291 mmt vs. expectations of 280 mmt
- Chinese production rose 6 mmt to 301 mmt
Soybeans:
- US production rose 9 mil. to 4.262 bil., 30 mil. bu. above expectations
- Harvested acres up 124k to 80.437 mil. with Ave. yield unchanged at 53 bpa
- Demand cut 43 mil. bu. with exports down 60 mil. while crush rose 15 mil.
- US ending stocks rose 60 mil. bu. to 350 mil. 55 mil. above expectations
- Global stocks up 2 mmt to 124.4 mmt vs. expectations of 123 mmt
- Brazil production raised 3 mmt to 178 mmt, mostly offset by higher exports and crush
Wheat:
- US ending stocks rose 25 mil. bu. to 926 mil. due to lower feed usage
- Global stocks rose another 3.4 mmt to 278 mmt vs. expectations of 276 mmt
- Production up 3.5 mmt in Argentina to 27.5 mmt and up 2 mmt in Russia to 89.5 mmt
- US winter wheat acres at 33 mil. were down 150k from YA vs. expectations of falling to 32.4 mil.
- White wheat acres down nearly 170k while HRW and SRW near unchanged.
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