2 PDF’s attached
USDA S&D was that that eventful for the US balance sheets. USDA did take China corn imports up 3.5 million tons to 16.5 million (China CASDE @ 7.0) and China wheat imports up by 0.5 million to 8.5 million tons. USDA left China soybean imports unchanged. Argentina corn production was lowered 1 million tons and Brazil unchanged. USDA also lowered Argentina soybean production by 1 million and left Brazil unchanged. Brazil soybean exports of 85 million tons were left unchanged.
USDA took the US crush up 15 million bushels to 2.195 billion versus 2.165 billion for 2019-20. US soybean meal exports were taken up 500,000 short tons and imports were raised 200,000 short tons. Meal production was increased 300,000. Soybean oil production was raised 175 million pounds. USDA lifted the US soybean export forecast by 150 million pounds resulting in a 25 million pound boost to ending stocks. USDA left the US corn balance unchanged. For wheat, they lowered imports by 5 million bushels and raised exports by 10 million to 985 million. We are at 995 million for US exports.
We see prices selling off post USDA report from short term profit taking.
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
Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Futures International, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Futures International, LLC does not warrant or guarantee the accuracy of such information or opinions. Futures International, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results.
wasde1220.pdf