By Doug Tenney, Leist Mercantile
Ahead of the report, many had expected it to be a non-bullish report for grains.
Shortly after the USDA report was released, corn was up 4 cents, soybeans up 8 cents, and wheat up 2 cents. Just before the noon report, grains were all higher with corn up 3 cents, soybeans up 9 cents, and wheat up 3 cents.
Soybean exports and crush were unchanged. Ending stocks at 425 million bushels were unchanged. Corn exports and corn for ethanol were unchanged. Ending stocks were unchanged at 1.892 billion bushels. Brazil soybean production was increased one million tons to 126 million tons. Argentina soybean production was up one million tons to 54 million tons. Wheat exports were unchanged with ending stocks unchanged at 940 million bushels. Trader estimates for ending stocks were little changed from last month for corn, soybeans, and wheat.
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