In Thursday’s USDA report, the government reported increased corn exports and reduced stocks.
Exports were raised 125 million bushels, reflecting U.S. price competitiveness and reduced exports for Argentina and Ukraine. The soybean outlook is for reduced exports and increased ending stocks. Soybean exports are projected to be down 60 million bushels from last month, reflecting shipments and sales through January and increased export competition on larger supplies in Brazil.
Projected 2017-18 wheat ending stocks in the U.S. were raised this month by 20 million bushels as higher food use is more than offset by lower exports, while export forecasts for several major competitors are increased.