The USDA Report - The Nitty Gritty
Here's the scores on the doors boys & girls:
Other highlights are that they raised Brazilian soybean production by a million to 66 MMT, but left Argy output unchanged at 53 MMT. Argy corn output was upped from 15 MMT to 17.2 MMT.
World corn ending stocks dropped to 134 MT, or 60.4 days of supply - the 3rd tightest in the past 34 years. World wheat production was upped 1.4 MMT, although consumption was also raised, up by 1.1 MMT, leaving ending stocks up 0.3 MMT.
US Ending Stocks (billion bushels)
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USDA Avg Guess Range Jan Nogger
Corn 1.719 1.748 1.602-1.815 1.764 1.770
Soybeans 0.210 0.219 0.170-0.245 0.245 0.225
Wheat 0.981 0.973 0.876-1.001 0.976 0.985
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Other highlights are that they raised Brazilian soybean production by a million to 66 MMT, but left Argy output unchanged at 53 MMT. Argy corn output was upped from 15 MMT to 17.2 MMT.
World corn ending stocks dropped to 134 MT, or 60.4 days of supply - the 3rd tightest in the past 34 years. World wheat production was upped 1.4 MMT, although consumption was also raised, up by 1.1 MMT, leaving ending stocks up 0.3 MMT.