@kannbwx

A smaller #corn crop and lighter Sept. 1 stocks could bring 22/23 ending stocks to 1.1 bln bu - down 18% from the prior year and historically very tight. Quite a big range on #soybeans - Sept. 1 stocks were large, crop is seen unch but export demand is meh. Interesting scenarios.

Neutral corn, BULLISH beans.

@kannbwx

U.S. #corn yield comes in close to expectations, #soybeans land decently lower.

BEARISH wheat, slighly bearish corn, bullish beans.

@kannbwx

U.S. ending stocks for #soybeans were unchanged from last month as the crop came in lower than expected, #corn came in a bit higher, as did #wheat. USDA cut exports for corn, soybeans & wheat.

A bit bearish corn and wheat. Bearish beans.

@kannbwx

Global ending stocks for 2022/23 came in close to trade expectations. Black Sea #wheat crop/exports unch from last month, #Ukraine #corn exports +2.5 mmt from last month. #China corn/wht imports unch, #soybeans +1 mmt to 98 mmt. #Brazil soy crop +3 mmt to 152 mmt.

@kannbwx

U.S. #corn yield falls 0.6 bu/acre from last month's forecast to 171.9. Illinois is expected to tie it's prior record, though lower yields in the Plains - Nebraska, South Dakota, Kansas - brought down the average.

The severe drought hurt yields the most in the Plains.

@kannbwx

Yield for U.S. #soybeans fell to 49.8 bu/acre - right at the lowest trade estimate. Yield was either unch or lower across most top states, incl. a big cut in Kansas. North Dakota's yield was a little better than last month.

Karen Braun@kannbwx

USDA increased its estimate for #Brazil's upcoming harvest of #soybeans to 152 mmt. They also increased its recent crop by 1 mmt. #Argentina's old #corn crop was reduced 1.5 mmt.

Karen Braun@kannbwx

Projected U.S. yields are the worst since (but much better than) 2012 in some Plains states. 2022 yields shown in bu/acre (compared w/ 2012).

#Corn Kansas 115 (95) South Dakota 130 (101)

#Soybeans Nebraska 49 (41.5) Kansas 28 (23) South Dakota 40 - tied w/ last year (30.5)

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@kannbwx

Nebraska #corn is the worst since 2013 - 172 projected vs 169 in 2013 and 142 in 2012. Kansas's 2022 drought was way worse than in 2018 (yields that year corn - 129, soy - 43).