By Bennett Musselman, Leist Mercantile
The report was bullish for corn and wheat. There were neutral numbers for soybeans.
Average trade estimates leading into the report were corn ending stocks at 1.396 billion bushels, soybeans 119 million bushels and 847 million bushels of wheat. The trade was expecting slightly higher wheat stocks and expected the USDA to lower corn stocks while leaving soybeans relatively unchanged.
Corn ending stocks were 1.352 billion bushels, down from last month’s 1.502 billion bushels. Soybean ending stocks held steady from last month at 120 million bushels. Wheat ending stocks were 852 million bushels. Last month they were at 836 million bushels.
The trade was estimating Brazilian soybean production at 134.03 million tons. The USDA report estimate was higher at 136 million tons. Argentina soybean production was 47.5 million tons and that is unchanged from last month.
Immediate reaction to the report had May corn up 6 3/4 cents at $5.86 ½ , May soybeans were down 2 cents at $14.13 ¼ and wheat was up 10 ½ cents at 6.39 1/4 .
The weekly export report from yesterday pushed the yearly exports of corn over the USDA forecast of 2.6 billion bushels at 2.617 billion bushels. There are still 5 months still to go in the marketing year.