PDF’s attached
Largest surprise was the much lower than expected US winter wheat production followed by a Ukraine 21.5-million-ton Ukraine wheat crop (down 11.5 MMT from 2021-22).
Glancing at the global and US soybean numbers, we didn’t see anything bullish stand out.
World corn production is expected to drop a large 34.9 million tons and stocks to decline only 4.3 million tons. US corn production fell short of an average trade guess by 313 million bushels. The US corn yield of 177 bu/ac came in well below expectations.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
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ICE IM: treilly1
Skype: fi.treilly
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wasde0522.pdf