Report in line with expectations
Wednesday’s USDA report was in line with trade expectations.
USDA had ending stocks for the 2017-18 marketing year 2.110 billion bushels for corn, 480 million for soybeans and 914 million for wheat. After the report was released late in the morning, corn was 3-4.5 higher, wheat was up 1-2 and soybeans were up 5-7 cents.
Illinois information released:
For winter wheat in the state, harvested area in 2017 is forecast at 450,000 acres, down 4 percent from the previous year. The winter wheat yield is forecast at 73 bushels per acre, down 1 bushel from 2016. Production is forecast at 32.9 million bushels, 6 percent below the previous year.