Lack of bullishness in report

Wednesday’s USDA report led to a lower reaction for corn and soybean prices mainly because there was nothing bullish to go by.

There were some unfriendly numbers as USDA took down wheat exports and found more winter wheat seeded than had been anticipated.

“That weighs on the market a little bit here,” Joe Camp of CommStock told The Central Illinois Farm Network’s Midday Update.

Corn and soybeans were a bit mixed for the production report. Corn acres went up slightly while the government left yield unchanged at a record 177 bushels per acre. Ethanol was up slightly based on higher production combined with lower usage due to exports going down.

Soybeans were the opposite where harvested acres went down but yield went up slightly. Carryout was about as expected at 350 million bushels. Much of the focus will be on South American numbers moving forward.

“Those actually leaned a little bit friendly relative to expectations,” added Camp.

Corn and soybeans in Brazil and Argentina were cut. Overall, the report was a letdown with profit taking to follow.

Issues in South America need to be monitored, according to Camp, enough so that we could still see U.S. demand pick up in the next several weeks.