USDA NUMBERS
Here are the numbers. We will have our full breakdown later this afternoon.
The South America numbers were disappointing. They chose to yet again only lower Brazil soybeans by 1 MMT while leaving Brazil corn unchanged. Both above estimates, as the trade was expecting some bigger cuts.
However, the market is trading higher as I write this. Which is a good sign. Appears that the market is taking these with a grain of salt. At least they brought the Brazil beans down, to establish a trend that the crop is getting smaller, not larger.
Not much changes for the US side of things.
They raised wheat due to an export reduction, but both corn and beans came in unchanged. Overall a non-event.
The world numbers were friendly.
All 3 carry outs came down from last month. With corn and wheat both coming in lower than expected. With wheat’s being the lowest since 2015/16.
China soy imports were up. Ukraines wheat and corn exports were up. Australia and Argentina wheat crops were up.
Stay tuned for this afternoons full breakdown & update. Subscribe if you haven’t.
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