USDA NUMBERS
Overall a pretty friendly report for corn and wheat, but bearish for soybeans. Although as I had mentioned the past few days, a lot of negativity was already priced in.
US Yield & Production: π½
Record yields. No surprise. On production they are looking at a decently smaller corn crop compared to last year, but a potentially much larger bean crop due to the acreage shift.
US Ending Stocks: πΊπΈ
These come in right around the estimates. However the corn numbers were friendly, as the YOY gain on corn ending stocks was a lot lower than some had been fearing it could have been.
A 2.1 billion carryout is far more friendly than a 2.5 billion one. Which is what the Feb Ag Outlook had.
World Ending Stocks: π
Very friendly for corn & wheat. Both well below the estimates. Not so friendly for beans.
South America: π§π·
USDA makes slight cuts, but nothing too crazy.
The main takeaway is the LARGE record Brazil soybean crop expected for next year..
Wheat Production πΎ
No major surprises. Majority coming in right around the estimates.
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