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: 🌽

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: πŸ‡ΊπŸ‡Έ

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: 🌍

Very friendly for corn & wheat. Both well below the estimates. Not so friendly for beans.

South America: πŸ‡§πŸ‡·

USDA makes slight cuts, but nothing too crazy.

The main takeaway is the LARGE record Brazil soybean crop expected for next year..

Wheat Production 🌾

No major surprises. Majority coming in right around the estimates.


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PRICE ACTION TELLS DIFFERENT STORY FROM USDA REPORT

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MARKET PRICING IN NEGATIVE REPORT. WHAT TO EXPECT FROM USDA