Today’s USDA supply and demand estimates increased old crop ending stocks of U.S. corn, wheat and soybeans. No adjustments were made to the 2019 corn and soybean planted acres numbers, and the yield estimates for those crops are very close to record-high levels.
The biggest surprise in USDA’s production estimates for the six major wheat-exporting countries wasn’t that prospects look much better than last year’s drought-reduced crops, it was the magnitude of the forecast increase for the EU at 16.8 MMT. That seems aggressive today. While still very early, conditions also remain very dry across most of West Australia and the Canadian Prairies. As a result, wheat seeding has barely gotten underway.
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What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
Key Takeaways: E15 expansion would support corn and ethanol demand by increasing domestic biofuel consumption and reducing reliance on petroleum-based fuels. Year-round E15 has gained bipartisan momentum, but the policy remains in legislative limbo as lawmakers continue to negotiate provisions...
