Today’s USDA crop report looks to be dismissed and nearly soon forgotten if you believe the news stories prior to the noon release. Grains overnight were mixed with corn and wheat lower while soybeans were higher. The report today deals solely with the supply and demand report. Production numbers for 2015 will not be changed. Usage and ending stocks will be the numbers that the market, analysts, and producers will key on.
U.S. corn and wheat ending stocks were unchanged, no big surprise. Corn exports were unchanged, no big surprise. Soybean ending stocks went up 10 million bushels to 460 million bushels due to crush lowered by the same amount. This had been well expected by the trade.
Prior to the report corn was down 3 cents, soybeans up 3 cents, wheat down 3 cents. Shortly after the report release, corn was down 1 cent, soybeans down 3 cents, while wheat was down 1 cent.