USDA REPORT BREAKDOWN

Written By Sebastian Frost

AUDIO & REPORT RECAP

  • Report was friendly but failed to feed the bulls

  • Yield slightly below estimates

  • Carryout above for corn & wheat, beans below

  • Numbers neutral to friendly, but lower yield & production were offset with demand

  • Beans had friendly numbers, but market penciling higher yield with August weather

  • Might make one more leg lower before support

  • Will markets do what they did after July report

  • A major rally still lacks huge bullish catalyst

  • Over 2 billion bu might make it hard to see much over $6 for corn

  • Full numbers (below)

Listen to today's audio below

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USDA NUMBERS

  • Yield comes in slightly below estimates for both corn and beans

    • 🌽 175.1 vs 175.5 bpa

    • 🌱 50.9 vs 51.3 bpa

  • US ending stocks came in higher for corn, but new crop beans came in below

  • Not much change in wheat production. Close to estimates. Spring wheat came in below estimates while winter wheat came in above

  • Brazil’s corn crop was raised 2 MMT. No changes to Brazil beans or Argy’s crops

STATE BY STATE YIELD

(From Karen Braun)

SOCIAL MEDIA REACTIONS

WEATHER

Forecasts looking slightly hotter and drier.

Sebastian Frost
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