USDA numbers slightly larger than expected
All the key USDA numbers from today?s reports were in line with the average trade estimate. However, each estimate, except for Brazilian corn, was slightly larger than trade expected. But none of the larger estimates were big enough to allow for production cuts due to weather.
Soybean new crop ending stocks fell 50 million bushels to 230 million bushels, due to the June 30 smaller acreage estimate. The number was still 19 million above trade expectations.
The USDA did not change their corn or bean yield estimates this month.
The only change the USDA made to their South American production estimates was in Argentine soybeans, where they increased their estimate slightly.
There was nothing in the reports to excite traders. Markets have been unable to get up to the green line 20-day moving average this week. This promises to bring more technical selling.
