Thursday’s USDA report had corn ending stocks at 1.552 billion bushels, down 25 million from last month.
Merrill Crowley with Midwest Market Solutions reports soybean ending stocks were at 590 million bushels, which was up. Wheat ending stocks were at 985 million bushels, up 39 million. After the report was issued, corn was up 7, beans up a half and wheat was up 13-14 cents.
According to Wayne Nelson with L&M Commodities, global ending stocks for corn were reduced 154.7 to 152 million metric tons. World soybean ending stocks were increased from 87 to 98 which was much more than expected.
“They lowered Chinese imports for the year and lowered our exports for the year because of the tariffs,” said Nelson.
Illinois Crop Production information:
When it comes to the Illinois Crop Production report, the winter wheat harvested area in 2018 is forecast at 550,000 acres, up 17 percent from the previous year. The winter wheat yield forecast is 69 bushels per acre, down 7 bushels from 2017. Production is forecast at 38 million bushels, 6 percent above the previous year.