Report leads to mixed reaction
Friday’s USDA report had the corn ending stocks at 2.648 billion compared to the trade guess at 2.683 billion.
Soybean ending stocks were 425 million versus the average trade guess at 416 million and wheat ending stocks were 942 million compared with trade estimates of 948 million. After the report was released late in the morning, corn and soybeans traded lower while wheat was slightly higher.
The Illinois Crop Production report indicated a winter wheat harvested area in 2020 of 500,000 acres, down 50,000 acres from the previous year. The winter wheat yield forecast at 68 bushels per acre is up a bushel from 2019. Production is forecast at 34 million bushels, down 8 percent from last year.