The USDA made only small changes to the numbers that they gave us last month.
The US corn yield estimate was increased +0.2 to 183.8 bpa, increasing production slightly. The smaller beginning stocks number from the quarterly report was partially offset by a 25 million bushel export increase. In the end, US corn ending stocks fell by 58 million bushels to 1.999 billion bushels.
For soybeans, the yield was lowered -.01 bpa to 53.1 bpa, which dropped production slightly to 4.582 billion bushels. Other small adjustments to beginning stocks and residual use left US soybean ending stocks unchanged at 550 million bushels again this month.
World carryout totals for corn and soybeans were nearly exactly in line with trade expectations, while the world wheat carryout total was above the average trade estimate, but well within the range of trade guesses.
Overall, the fundamentals haven?t changed much over the past month.
Source: USDA, Reuters