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USDA made a historically large revision to Sept. 1 corn stocks in January 2020. But USDA this past year moved the corn production review to Sept instead of Dec/Jan. So the big change in June 1, 2020 stocks is likely analogous to the large Sept. 1, 2019 change.
One would have to surmise that beans are dragging corn along. Going to be an interesting couple days next week. 11 days of usage for beans? Wow.....
Analysts underestimated 2021 U.S. winter #wheat plantings, which come in at just under 32 million acres, up 5% from 2020. This is the first YOY increase in U.S. wheat plantings in 8 years. The biggest miss was in SRW wheat, where acres came in at the top of the trade range.
USDA reduced the harvests of #corn and #soybeans in #Argentina by a very similar degree expected by the trade. However, #Brazil corn came down less than expected and soybeans were unchanged.