Today's USDA reports were very bullish corn, somewhat bullish wheat and neutral for soybeans. Here are the key issues: Corn
1 December corn stocks more than 200 million bushels (5 MMT) below expectations. Corn feed/residual consumption was raised 350 million bushels (8.8 MMT). U.S. corn ending supplies dropped to 600 million bushels (15 MMT). U.S. sorghum supplies also at bin bottom because the 1 December sorghum stocks number was also much smaller than expected. World corn ending supplies cut 1.6 MMT to 116 MMT. China has 52 percent of corn ending supplies.
Wheat
U.S. HRW acres are 800,000 less than in 2012. The market expected an increase, and this sharpens the focus on the very poor HRW crop condition because of the dr...
What You Need to Know Today: U.S. weather is getting more attention this week as conditions vary greatly across the western, central, and eastern corn belts, with the different regions battling dryness and too much rain simultaneously. The ProFarmer Crop Tour began today in Indiana and Nebrask...
Key Takeaways: Argentina is on pace for a record corn crop and record exports in the current marketing year, with abundant supplies likely to keep the country highly competitive in global export markets. Argentina’s record exportable surplus is allowing it to offer highly competitive pri...
