By Doug Tenney, Leist Mercantile
Plenty of numbers today.
Old corn exports were increased 50 million bushels, big surprise, while corn for ethanol was cut 100 million bushels, also a surprise. Old crop soybean exports were cut 100 million bushels, while crush was unchanged.
Shortly after the USDA report was released, corn was unchanged, soybeans down 2 cents, and wheat down 7 cents. Just before the noon report, grains were all lower with corn down 3 cents, soybeans down 2 cents, while wheat was down 5 cents.
Ahead of the report, many had expected it to be neutral to bearish report for grains. Old crop corn demand was expected to drop 150 million to 200 million bushels due to lower exports and lower corn for ethanol. Old crop soybean demand was expected to drop 50 million to 100 million bushels from lower exports.
This report had the first supply and demand tables for 2020-2021 grains.… Continue readingRead More »