Written Commentary
USDA WASDE PRODUCTION HIGHLIGHTS
The only notable change in the US balance sheets was a 100 mil bu drop in US corn stocks.
Corn:
- US 25/26 Corn stocks down 100 mil. bu. to 2.127 bu. vs. expectations of no change
- Exports raised 100 mil. bu. to record 3.30 bil.
- World stocks down 2 mmt to 289 mmt vs. expectations of no change
- South American production forecasts left unchanged
- Ukraine exports cut 1 mmt to 22 mmt
Soybeans:
- No changes to the 25/26 balance sheet with ending stock staying a 350 mil. bu.
- Product balance sheets also unchanged
- Global stocks rose 1 mmt to 125.5 mmt, in line with expectations
- Brazilian production increased 2 mmt to record 180 mmt
- Brazil’s crush up 1 mmt to 61 mmt while stocks also up 1 mmt
Wheat:
- US 25/26 stocks up 5 mil. to 931 mil. bu. vs. expectations of down 10 mil.
- HRS Food usage was down 5 mil.
- World stocks down nearly 1 mmt to 277.5 mmt vs. expectations of no change
- Argentine wheat production up .3 mmt to 27.8 mmt
- Argentine exports up 2 mmt to 18 mmt, Canada up 1 mmt to 29 mmt
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