Brazil's 2nd corn crop is the one they most heavily export, and losses there usually translate into more U.S. business. But U.S. corn sales have been historically light in recent weeks, old and new crop. So it hasn't yet produced the expected impact.
USDA will incorporate the new U.S. acreage numbers into its July balance sheet, but some analysts think yield could fall based on poor conditions in some areas. USDA does not usually have enough information to change yield in July, but they might this time? I truly don't know.
U.S. ending stocks come in fairly close to expectations except for wheat, where the crop was smaller than expected. USDA did not make changes to U.S. corn and soy yields.
USDA cuts #Brazil's #corn crop by 5.5 mmt to 93 mmt, though #Argentina's crop increased by 1.5 mmt. Slight reduction for Argy #soybeans but Brazil soy was unch.
The U.S. spring #wheat crop at 345 million bushels is set to be the smallest since 1988 and 42% off the recent three-year average. Yield at 30.7 bu/acre would be the worst since 2002 and 37% off the three-year average.