Here is a small note on the expectations for the harvest of U.S. #corn and #soybeans to avoid any potential confusion:
U.S. #corn stocks come in a hair below expectations in both old- and new-crop. #Soybeans above expectations, especially in old-crop. #Wheat slightly below trade guess.
Adding in the June acreage numbers cut 1 billion bushels off U.S. #corn crop expectations and slightly raised prospects for #soybeans. No changes were made to yield
ACTUAL USDA DATA
The only change made to #Argentina or #Brazil #corn or #soybeans was a 2 mmt increase to Brazil's 19/20 soybean crop - now at 126 mmt. 19/20 Brazil soy exports went up by 4 mmt over the June estimate due to the breakneck export pace - likely evidence the crop was understated.
USDA Projected Corn Production vs. Actual Production 
2017/2018: 
2.4% 2018/2019: 1.3% 2019/2020: 
1.3% 2020/2021: ???
