*Argentina soybean production actually down 0.5MMT but global soybeans stocks were up 0.4 in the end.
No change to China soybean imports.
They also left China corn imports unchanged.
World wheat stocks fell 3.0 million tons – provides some support, but corn on its session lows as of 11:15 weighing on wheat
KC under most pressure from upward revision to HRW stocks (MN/KC spreading). With some planned spring wheat area expected to be lost this spring to corn, canola and soybeans, we like MN over Chicago and MN over KC.
From: Terry Reilly
Sent: Tuesday, March 9, 2021 11:10 AM
Subject: USDA S&D Snapshot
2 PDF’s attached
USDA took Brazil soybeans up 1 MMT, left Brazil corn, Argentina corn, and Argentina soybeans unchanged.
World production was slightly upward revised for corn, soybeans and wheat.
No changes to US soybean, corn and wheat ending stocks. SBO carryout was revised higher (see below).
Attached USDA WASDE PDF and FI snapshot.
We will make no changes to our price outlooks.
Look for the trade to shift focus to March planting intentions and US weather.
USDA NASS executive summary
https://www.nass.usda.gov/Newsroom/Executive_Briefings/index.php
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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