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Neutral report, South America weather still huge factor

The long awaited USDA report day is finally here. Some consider this day one of the biggest days for USDA reports for the entire year. Before the report came out corn was unchanged and soybeans were down 4 cents. Just after the report was released corn was down a half-cent while soybeans were up 5 cents.

Corn ending stocks were raised 40 million bushels to 2.437 billion bushels. Corn yield for 2017 was put at 176.6 bushels per acre. Corn production was up 26 million bushels at 14.604 billion bushels. Corn exports were unchanged, corn for ethanol was unchanged. No surprises for corn.

Soybean yield was lowered to 49.1 bushels per acre, with production at 4.392 billion bushels, down 33 million bushels. Exports were cut 65 million bushels to 2.160 billion bushels. The trade was expecting
soybean exports to cut.

Brazil soybean production was increased to 110 million tons, up from108 million tons last month. No surprise here either.

Short version today: overall the corn and soybean numbers contain no surprise with South America weather still a huge factor in coming weeks. Farmer movement of grains has been light with the weather issues so far this month. Some are expecting movement to increase in coming weeks.

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