Chris White prepared a summary of the USDA report released today. Here is a brief synopsis:
USDA report (with notes from MID-CO)
The USDA released a number of grain related reports today at noon including WASDE, quarterly stocks and winter wheat assessments
Here is a summary of what the reports contained
Corn
USDA estimate for US 2021 crop is 15.11 billion bushels, which is up from the estimate in December of 15.06 billion bushels. US carryout now estimated at 1.54 billion bushels, up from 1.49 billion last month. Worldwide the carryout out estimate is 303.1 million MT which is a 2.4 million MT decrease from last month.
Soybeans
US crop for 2021 now estimated at 4.435 billion bushels, an increase from last month’s estimate of 4.425 billion bushels. Ending stocks are now estimated at 350 million bushels, up 10 million bushel from last time. Worldwide stocks is now forecasted at 95.2 million MT, which is a decrease from last month’s forecast of 120 million MT.
In response to this news corn markets closed down 2 cents and soybeans closed up 12 ¾ cents