Bullish surprises in USDA report

Monday’s USDA Supply and Demand report had some bullish surprises as they did increase old crop exports.

Corn was increased by 50 million bushels and soybeans 25 million.

The biggest news was the first official look at the new crop balance sheets.

“Those came in a little on the friendly side,” said Clayton Pope of Clayton Pope Commodities in Champaign.

The news was more friendly corn than beans. Corn new crop carryout was 1.8 billion bushels compared to the average trade guess of slightly over 2 billion. Most of the soybean strength Monday came from the positive Chinese tariff news from over the weekend.

Exports for corn were increased by 75 million but lowered for beans by 35 million.

“They are assuming a pretty normal trade with China going forward,” added Pope.

Illinois Crop Production:

Winter Wheat: Planted area is estimated at 780,000 acres, up 1 percent from last year. Harvested area, forecast at 680,000 acres, is down 3 percent from 2024.

The winter wheat yield is forecast at 85 bushels per acre, down 1 bushel from 2024. Production is forecast at 57.8 million bushels, down 4 percent from last year.