USDA Crop Report Results
Breaking: 161,544 metric tons of corn for delivery to unknown destinations during the 2021/2022 marketing year
Fundamentals: In yesterday’s USDA report, yields came in better than expected, which is in line with what we’ve been hearing from our boots on the ground, throughout the Midwest. The increase in yield boosts production estimates to 15.019 billion bushels, compared to the 14.996 we saw in last month’s report. US ending stocks came in at 1.500 billion bushels, above the average analyst estimate, 1.432 billion bushels. Yesterday’s Crop Progress report showed 94% of the crop is mature and 41% of the crop is harvested.
Breaking: 330,000 metric tons of soybeans for delivery to China during the 2021/2022 marketing year. 198,000 metric tons of soybeans for delivery to unknown destinations during the 2021/2022 marketing year.
Fundamentals: Soybean yields were increased in yesterday’s USDA report, as mentioned with corn, this was in line with what we’ve been hearing from clients throughout the Midwest. The USDA has the US Soybean yield at 51.5 bushels per acre, .4 above the average analyst estimate. Production estimates increased to 4.448 billion bushels. Yesterday’s crop progress report showed the crop is 49% harvested.
Fundamentals: Yesterday’s USDA report showed the US ending stocks at .580 billion bushels, above the average trade estimate, .576. World-ending stocks came in at 277.18 mmt, above the average estimate, 280.82. Sure, the report was friendly, but it may not be enough to keep prices at these elevated levels. Yesterday’s Crop Progress report showed 60% of the winter wheat crop is planted, 31% has emerged.
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