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USDA report comments, from MIDCO Commodities
Highlights:
• Friendly reaction to the report for corn as old crop ending stocks were reduced more than expected. Neutral report for beans. Bigger than expected stocks for wheat keeping prices negative today.
• Old crop corn stocks down 145 mbu. from June. New crop down 5 mbu.
• Old crop bean stocks down 5 mbu. New crop down 20 mbu.
• Wheat stocks up 98 mbu. from June, much higher than expected.
• ARG corn and bean production was cut. No changes to Brazil.
• Next WASDE report: Aug 12th.
Production:
• Corn production up 240 mbu. to 15.100 bbu. Would be the 3rd highest crop on record. Yield left unchanged at 181.
• Bean production down 15 mbu. to 4.435 bbu. Yield unchanged at 52.0
• All wheat production up 133 mbu.to 2.008 bbu. Biggest crop since 16/17. Yield up 2.4 bpa to 51.8 bpa. Winter wheat at 1.341 bbu., up 46 mbu. from June.
Demand:
• Corn 23/24: F/R up 75 to 5.775 bbu. Exports up 75 to 2.225 bbu.
• Corn 24/25: Total use up 100 mbu. from June. Exports up 25 mbu. from last month to 2.225 bbu. F/R up 75 mbu.
• Beans 23/24: Imports down 5 mbu. No changes for exports or crush.
• Beans 24/25: No changes to the demand side for new crop.
• Wheat 24/25: Total use up 35 mbu. from June. Exports at 825 mbu. up 25 from last month.
World (23/24):
• BRL corn production steady at 122 MMT. ARG down 1 MMT to 52
• BRL corn exports 50 MMT (unchanged). ARG exports down 1 to 37 MMT.
• Ukraine corn production 31 MMT (steady). Exports up 2 to 28 MMT.
• Ukraine corn prod for 24/25 unchanged at 27.7 MMT. Exports at 24.5 MMT, also unchanged.
• China corn imports for 24/25 still projected at 23 MMT.
• BRL bean production steady to 153 MMT. ARG down 0.5 to 49.5 MMT.
• BRL bean exports up 1 to 103 MMT. ARG exports up 1 to 5.6 MMT.
• China bean imports for 23/24 up 3 to 108 MMT. Next year at 109 MMT.
• Canada wheat crop up 1 to 35 MMT. Exports up 0.5 to 25 MMT.
• Russia wheat exports for 23/24 up 1.5 MMT to 55.5 MMT.
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