USDA REPORT NUMBERS

SHORT RECAP

We will have a full update later this afternoon

It was actually a slightly bearish report. With U.S. carryout decided to be left unchanged in corn and beans, coming in above estimates for both. World carryout was also higher than estimates for corn and beans, while South America production was mixed, with bean Argentina numbers lower and Brazil higher. There wasn’t really any big surprises, but the numbers weren’t exactly the most friendly.

U.S. Ending Stocks

Corn & beans left unchanged from March, but came in higher than the trade estimates. Wheat came in above last March’s number and above estimates, seeing an increase of 0.30 billion bu.

World Ending Stocks

World stocks come in higher than estimates for both corn and beans. Corn was still lower than March’s number but beans came in slightly higher than March. What on the other hand saw over a 2 MMT cut from March also below estimates.

SA Production

Corn numbers come in right around estimates for both Argentina and Brazil. We got that 3 MMT cut from Argentina as expected. Beans on the other hand saw Argentina come in 6 MMT smaller than March, falling over 2 MMT below estimates. While Brazil beans came in slightly larger.