2 attached
USDA’s report was perceived neutral as prices have not changed much. We look for the trade to focus on weather and demand fundamentals going forward. Largest surprise in today’s report was an unchanged Argentina corn and soybean outlook as the country is experiencing one of the worst droughts in 50 years.
US SBO for biofuel was down 200 million pounds
US corn exports down 75 million bushels.
No changes to Argentina and Brazil soybean and corn production – a surprise for Argentina
US corn stocks down 75, US soybeans unchanged and US wheat unchanged
No changes in US soybean and soybean meal S&D
US soybean stocks were upward revised 42 million, imports lowered 200, food upward revised 150, carry in down 8, biofuel down 200 as mentioned.
No change in other US corn demand categories.
All wheat S&D unchanged, but SRW stocks were up 10, HRS down 5 and White wheat stocks down 5
Global corn production was down 6.5MMT and stocks down 2.4MMT
Global wheat production down 2.1MMT and stocks down 0.5
Global soybean production was up 0.6MMT and stocks up 0.5MMT
Argentina wheat production was downward revised 3.0MMT, Canada down 1.2, and Australia up 2.1MMT.
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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