USDA tightened the old crop balance sheets for corn and soybeans.
Corn ending stocks were 25 million bushels below last month, with the USDA increasing food, seed, and industrial use expectations. Soybean were down 10 million bushels, with a lower domestic crush guess cancelling out an increased export demand estimate. With less than a month left in its current marketing year, wheat ending stocks were unchanged.
New crop ending stocks projections for corn, soybeans, and wheat were below most pre-report expectations, but do not reflect slower than average corn and soybean planting and recent damage to the winter wheat crop.
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USDA Released the World Agriculture Supply and Demand Estimates Report (WASDE) today and the market has reacted by pushing futures prices lower.To see the latest market prices and charts clickMarkets Quotes & Charts: http://www.farms.com/markets
Corn WASDE: The Corn Crop Projected 14.1 Billion Bushels, Down From Last Year’s Record High
Wheat WASDE: U.S. wheat supplies projected down 9 percent from 2016/17
Soybean WASDE: U.S. Soybean Crush Projected at 1,950 million bushels, Up 25 million
Cotton WASDE: U.S. Cotton Crop of 19.2 million bales Is Expected To Sharply Increase
Livestock, Poultry, And Dairy WASDE: Total Red Meat & Poultry Production Projected Higher Than 2017
USDA: Export Sales Report Release Click here
USDA: Crop Production Report Click here
Latest Report (PDF) Click here
Understanding USDA Crop Forecasts Click here
Commodity Specialists Click here