Ending stocks for U.S. corn and soybeans were lowered in USDA’s monthly crop report on Friday due to increases in exports, while wheat production and ending stocks were increased.
Those numbers, combined with world numbers, prompted little reaction in the corn and soybean markets, which were higher going into the report. However, losses increased in winter wheat futures, which were lower ahead of the report.
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U.S. wheat production was raised to 2.077 billion bushels from the May forecast of 1.998 billion, due in part to a larger hard red winter crop of 937.7 million. Wheat exports went to 900 million from 875 million and ending stocks increased to 1.050 billion from the previous 1.029 billion estimate.
USDA left Argentina’s soybean crop unchanged from the May forecast at 56.5 million metric tons despite reports of rain and flood damage there. Brazil’s soybean production was trimmed to 97 million from the previous 99 million. Brazil’s corn crop was trimmed to 77.5 million tons from 81 million in May.
World corn and soybean ending stocks were lowered from the May forecasts, due in part to the smaller U.S. ending stocks.