USDA July 12, 2022
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Started by metmike - July 12, 2022, 12:32 p.m.

@kannbwx

Ending stocks for U.S. #corn & #soybeans come in heavier than analysts expected.

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By metmike - July 12, 2022, 12:34 p.m.
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@kannbwx

USDA's harvest estimate for U.S. #corn rises slightly from last month, though #soybeans decline after the June surveyed area is added in. No changes to trend yields.

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kannbwx

Just a reminder, NASS is resurveying plantings in the Dakotas and Minnesota this month, so these estimates do NOT include any updated information since June 30 out of these states. NASS will publish any necessary changes to those planting estimates on Aug. 12.

By metmike - July 12, 2022, 12:35 p.m.
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@kannbwx

U.S. #wheat production comes in larger than the trade thought, driven by a large underestimation in the spring wheat crop. That was 331 mln bu last year due to severe drought, but harv. area is slightly higher this year and conditions are way better, despite the late planting.

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By metmike - July 12, 2022, 12:36 p.m.
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@kannbwx

This slide includes the 2021/22 pre-report trade estimates:

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By metmike - July 12, 2022, 12:37 p.m.
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@kannbwx

The only change in South American harvests this month was an increase for old-crop #Argentina #soybeans. USDA left #Brazil #corn unchanged despite the trade's expectation for a possible increase.

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By metmike - July 12, 2022, 12:37 p.m.
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@kannbwx

World ending stock projections come in a bit larger than expected, but changes versus last month were relatively small. China soy imports down in both years but corn unch, Ukraine corn crop unch but wheat down, new-crop Ukraine crn/wht exports unch, Russia wheat exports unch.

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