USDA will issue its next WASDE report on 12 January and many in the trade expect its final numbers for corn and soybeans for the current marketing year to show a relatively large decline in ending stocks. Export sales have advanced at a fast pace and production reductions in South America and the Black Sea are likely to boost them further.  In recent years, USDA has more frequently reduced soybean stocks from the December to January reports, and sometimes to a relatively large degree. It has more often been closer to its final numbers for corn in the December report. The larger problem is that unlike the trade, agency analysts will not speculate larger reductions in production in competitor countries until the evidence is more irrefut...

TAGS – Feed Grains, Soy & Oilseeds, North America