Tuesday’s USDA report was considered bearish for world numbers and neutral for U.S. numbers.
U.S. corn ending stocks were unchanged from last month and 32 million bushels below average trade estimates. Soybean ending stocks were 10 million higher than last month and two million bushels below average estimates. Meanwhile, wheat ending stocks were 30 million bushels higher than the previous month and 12 million higher than estimates.
The world corn stocks were 2.3 million metric tons higher than last month with soybean stocks 4.59 million metric tons higher than last month.
“Traders will start to watch the weather to see if we are going to have any planting delays. Currently, traders are seeing recent rains as beneficial to replenishing soil moisture levels and negative to prices,” stated Merrill Crowley of Crowley Commodities in Watseka after the report was issued.