US other spring + durum production largest surprise
Wheat carryout suggests we could see higher wheat prices by the time we close
No change in US corn and soybean yields
US crush lower by 5
SBO for biofuel lowered by 200, food up 300 for 2020-21
US corn for feed up 25 both crop years
Exports for new-crop raised 50
All-wheat US stocks are off 105 million for 2021-22. They were foreced to reduce exports by 25 and feed by 10.
New-crop world production up 5.0MMT, stocks up 1.8
New-crop world wheat was lowered 2MMT for production, stocks down 5.1MMT
New-crop work soybean production was taken down 300,000 tons and stocks upward revised 1.9MMT.
2020-21 Arg corn was upwawrd revised 1.5MMT, soybeans down 0.5MMT.
2020-21 Brazil corn was lowered 5.5MMT to 93, still too high. Brazil soybeans unchanged at 137MMT.
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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