Karen Braun@kannbwx

U.S. ending stocks: Trade estimates were too heavy in #corn and new-crop #soybeans get a 3-handle. #Wheat comes in bigger than expected.

@kannbwx

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7m

USDA made no changes to the 19/20 #corn crops in #Argentina and #Brazil, but they reduced Argy's #soybeans to 50 mmt. No change for Brazil beans.

@kannbwx

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46s

The 2019/20 #corn crop was reduced by 46 mbu (incl. a 10% cut in N. Dakota). 

National yield to 167.4 bpa (was 167.8). 

19/20 corn for #ethanol cut to 50 mbu to 4.9 bbu. 

19/20 exports unch @ 1.775 bbu 19/20 Feed+res unch @ 5.7 bbu 

All 20/21 corn demand, farm price ($3.20) unch.