U.S. corn production numbers were left unchanged, as well as Brazil and Argentina’s corn crop projection. USDA released the World Supply and Demand report earlier today. According to Stewart-Peterson, USDA pegged corn carryout at 2.320 billion bushels vs 2.355 billion last month in today’s monthly USDA report. World ending stocks were adjusted downward from 221 million tons to 217.6 million.
This morning’s USDA Weekly Export Sales were above trade estimates, coming in at 1.006 mil tons (40 mil bu), of which 971,700 tons (38.2 mil bu) were for the 2016-17 marketing year.
U.S. Soybean supply and use projections for 2016/17 are unchanged leaving ending stocks at 420 million bushels. According to Stewart-Peterson, the trade was expecting a cut. Production and export projections were also left untouched.
In addition, Argentina’s bean crop forecast slipped less than expected from 57 mil tons to 55.5 mil. Brazil’s forecast was left unchanged.
Weekly Export Sales were within trade estimates at 665,600 tons (26.2 mil bu) of which 536,300 tons (19.7 mil bu) were for the 2016-17 marketing year. Another 107,000 tons (4 mil bu) of 2016-17 beans were sold to an unknown destination in a morning announcement. Soybean exports are projected at 2.5 million bushels up 114 million from last year.
USDA said Wheat world ending stocks were shaved to 248.6 mil tons from 253.3 mil on Jan 1. In the U.S., ending stocks fell to 1.139 billion bu from 1.186 billion bu. This was lower than trade estimates, thus supportive for the market. Weekly Export Sales were within trade estimates at 527,300 tons (19.3 mil bu) for 2016-17; 16,300 tons (600,000 bu) for 2017-18.