USDA report recap

USDA monthly supply/demand report released at 11am today. 

CORN: the only changes to the US balance sheet were a 50 Mln bu decline to exports, a 20 Mln bu increase to industrial usage; resulting carryout raised to 632 Mln bu (602 Mln last month)

BEANS:  US domestic crush raised 10 Mln bu; resulting carryout lowered 10 to 125 Mln bu

World Crops:  with the exception being Argentina, where both corn and soy crop sizes were reduced slightly; most other world production estimates were slightly higher than expected, therefore world carryout figures for corn/soy/wheat were all a bit higher than trade estimates. 

Overall not a bullish report as it verifies the underlying current in the market that world production will be on the rise in response to high commodity prices (with weather to be a sensitive, ongoing issue).

Jon Setterdahl
Farmers Cooperative Company
Ames, Iowa,USA