Written Commentary
SUPPLY/DEMAND HIGHLIGHTS
USDA confirms record yields for US corn however mostly offset via lower acres.
- Record yield of 183.1 bpa.
- Harvested acres down 728,000 to 82.7 mil.
- Production at 15.147 bil. slightly above expectations.
- Ending stocks 2.073 bil. just below expectations on increased exports
Bean production and stocks well above expectation.
- Record yield of 53.2 bpa
- Harvested acres up 1 mil. to 86.271 mil. vs. expectations of 150,000 acre reduction
- Production record high at 4.589 bil.
- Ending stocks at 560 mil. bu. well above expectations
- Global stocks expected to soar to 134 mmt well above range of estimates
All Wheat production at low end of expectations
- Winter wheat production raised 20 mil. bu. to 1.361 bil.
- Spring wheat down 34 mil. to 544 mil. 38 mil. below expectations
- All wheat production at 1.982 bil. down 20 mil. bu. vs. expected 10 mil. bu. increase
Infographic
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