See PDF for US and World changes

Corn harvested area down 550,000 acres, near expectations, but US yield 2.0 bu/ac above trade guess

US stocks did not deviate hard from expectations

US corn exports up 100, ethanol down 100, feed down 100

US soybean production down 112, no change in crush or exports, resulting in tighter stocks by 150 million after USDA lowered old crop carry by 40 mil bu due to higher exports by 30 and higher crush by 10

World corn production down 8.6 MMT for 2020-21 and stocks down 10.7MMT.  No change in China corn imports @ 7MMT, same as CASDE. 

World soybean stocks are down 1.8MMT.  Brazil soybean production up 2MMT to 133MMT. 

USDA took 2020-21 world wheat production up 4.5MMT and stocks 2.6MMT, bearish in our opinion.

 

Some selling may occur as we head into the weekend. 

 

 

 

Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International │190 S LaSalle St., Suite 410│Chicago, IL  60603

W: 312.604.1366

treilly@futures-int.com

AIM: fi_treilly

ICE IM:  treilly1

Skype: fi.treilly

 

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