Some surprises on this report – mostly that US Corn stocks were 94 Million bu lower than trade estimates at 7.006 Million bushels. This, coupled with prospective corn acres coming it at the lower range of the trade estimates, has supported the corn price, up 10c at the time of this posting.
As expected Soybean stocks and prospective plantings are both well within trade guesses. Old soys are up – continuing their surge, while new crop beans are down, as prospective plantings are at the upper end of the estimates.
The real story with new soybeans is the acreage increase of 5 million acres over 2013. Most of this is at the expense of corn.
Here is the summary from MidCo