HOW BULLISH WAS THE USDA REPORT?

Jan 12

AUDIO COMMENTARY

Listen to today’s audio below

Overall the report was a pretty good one for the grains. With the numbers being quite bullish for corn, friendly for soybeans, and on the neutral side for wheat as the market might have been expecting more than the estimate said.

Highlights from Report

Harvested corn acres down 1.6 million, production below 200 million below estimates. This is despite a yield increase. Feed usage dropped. Exports dropped as expected.
All quarterly stocks came in well below. With corn 350 million below.
Brazil corn production was cut, but exports raised.
Ukarine exports increased.
Argentina exports decreased.
China corn use and feeding raised.
Increased size of Brazil's bean crop by 1 million to 153 MMT. Which is 25 million more than last year, and is set to be a record crop by 14 million.
Millet production was less than two years ago.

Listen to our audio above for more in depth details.

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