USDA Report Summary
The USDA S&D and stocks data pegged soybean ending stocks lower than anticipated at 185 million bushels, down from 210 million a month ago & trade expectations of around 195/200 million.
Corn ending stocks were also a surprise, being lowered to 1.74 billion bushels, down from 1.79 billion last month, when an increase to 1.8/1.81 billion had been expected.
Wheat stocks were increased from 655 million to 712 million. That seems to have caught most people unawares, as they were expected to be left around unchanged.
As I said yesterday, it doesn't surprise me to see wheat carryout increased, given the relatively slow pace of US exports recently. Thirty nine weeks into the marketing year exports are running around 75% of the USDA's target figure. That is behind "normal" pace of around 80% at this time of year.
On another bearish note for wheat world ending stocks were raised from 149.96mmt to 155.85mmt. Global corn ending stocks were also increased to 144.6mmt from 136.7mmt.
There weren't too many changes to world production numbers. South African corn was upped 1.5mmt to 12mmt, Australian wheat increased from 20.15mmt to 21.5mmt and Argy soybeans decreased from 43.8mmt to 43mmt.
I'd call the numbers bullish soybeans, modestly bullish for corn and bearish wheat.
Corn ending stocks were also a surprise, being lowered to 1.74 billion bushels, down from 1.79 billion last month, when an increase to 1.8/1.81 billion had been expected.
Wheat stocks were increased from 655 million to 712 million. That seems to have caught most people unawares, as they were expected to be left around unchanged.
As I said yesterday, it doesn't surprise me to see wheat carryout increased, given the relatively slow pace of US exports recently. Thirty nine weeks into the marketing year exports are running around 75% of the USDA's target figure. That is behind "normal" pace of around 80% at this time of year.
On another bearish note for wheat world ending stocks were raised from 149.96mmt to 155.85mmt. Global corn ending stocks were also increased to 144.6mmt from 136.7mmt.
There weren't too many changes to world production numbers. South African corn was upped 1.5mmt to 12mmt, Australian wheat increased from 20.15mmt to 21.5mmt and Argy soybeans decreased from 43.8mmt to 43mmt.
I'd call the numbers bullish soybeans, modestly bullish for corn and bearish wheat.
