@kannbwx

USDA leaves the U.S. #corn balance sheet unchanged, but #soybeans fall to 175 mln bu on a 15 mln bu jump in crush. Soy exports unch. #Wheat exports were increased 10 mln bu.

@kannbwx

USDA reduced world ending stocks of #corn, #soybeans and #wheat. That was against expectations for wheat. #China corn imports jumped to 16.5 mmt from 13 mmt. Wheat supplies fell in China and EU. China wheat imports bumped 0.5 mmt to 8.5 mm

@kannbwx

USDA reduced the 2020/21 harvests of #corn and #soybeans in #Argentina by 1 mmt each. The 19/20 Argy soy harvest was also trimmed from 49 mmt. #Brazil crops were unch from November estimates.

@kannbwx

USDA cut the 2020 U.S. #cotton crop by 6.7% from November, and that was all on yield. This year's harvest was 20% smaller than in 2019 and is the smallest crop in 5 years. Market participants had a pretty good idea that a cut was likely this month.

@kannbwx

This map is from USDA/NASS's executive briefing, showing where #cotton yields declined from the previous month. Yields fell in most states, though the drop was most pronounced in Texas and Louisiana.