By Doug Tenney, Leist Mercantile
Just ahead of the report, grains were mixed with corn down 1 cent, soybeans down 6 cents, with wheat up 4 cents. Following the report, corn was unchanged, soybeans down 3 cents, and wheat up 2 cents.
China’s soybean imports were 88 million tons, unchanged from last month. Brazil’s soybean production was 116.5 million tons, down just one-half million tons from last month. Corn ending stocks were 1.835 billion bushels, up 100 million bushels. Exports were cut 75 million bushels and ethanol was down 25 million bushels. Soybean ending stocks were down 10 million bushels to 900 million bushels. Wheat ending stocks up 45 million bushels to 1.055 billion bushels.
We often witness the grain markets reacting to what is currently happening — the headlines. Continuing the dominant theme seen in recent weeks, grains are reacting to what we are NOT seeing. The lack of U.S./China… Continue readingRead More »