PDF attached includes FI snapshot and USDA reports
Higher futures prices justified.
Bullish all around with US yields below expectations and larger than expected declines in world stocks for corn and wheat. Soybean world stocks above expectations after USDA trimmed old and new-crop China soybean imports by 1.0 million tons.
USDA cut 2020-21 soybean crush by 15, reducing product supplies. USDA lowered SBO for bio by 200 mil lbs. old crop and 500 new-crop. US soybean exports lowered 15 mil bu.
US corn exports were taken down more than expected 75 mil bu, while feed was unchanged for old crop.
More to come
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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FI0821f.pdf