Sorry for the delay!
World Agricultural Supply
and Demand Estimate
https://www.usda.gov/oce/commodity/wasde/wasde0724.pdf
More to come
bullish report to aid the sell off. makes sense
Thanks, mcfarm!
Bearish weather rules!
Here we go:
USDA trims #Argentina's 2023/24 harvests of #corn & #soybeans but leaves #Brazil unchanged from last month. No movement in new-crop numbers yet.
U.S. #corn ending stocks come in well below expectations on a large increase in old-crop use. #Soybeans are also a bit below expectations but new-crop #wheat stocks came in high on a big crop projection.
The corn numbers were rather surprising to most. Those old crop changes stemmed from the June 1 stock survey results (it appears) and a sufficient export book and this is the blurb on that from the front of the WASDE:
Analysts' estimate of old-crop U.S. #corn stocks ahead of USDA's report on Friday was 9.2% above the actual - the most "bullish" result in at least 15 years. USDA reduced 2023/24 corn stocks by 7.2% from June, the largest June-July cut since 2010 (for 2009/10).
The 2024/25 U.S. #wheat crop is set to top 2 billion bushels, blowing over all the trade estimates. Other spring wheat production also landed well above all trade guesses, and all wheat production is projected to rise 11% from last year.
In July, WEATHER is KING!
https://www.marketforum.com/forum/topic/83844/
7 Day Total precipitation below:
http://www.wpc.ncep.noaa.govcdx /qpf/p168i.gif?1530796126
Extended weather.
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