No surprises in USDA report Friday

NORMAL – Friday’s USDA report had information which was kind of expected.

Old crop corn carryout was raised 35 million bushels due to a slowdown in exports. Old crop bean carryout was raised 15 million, with just a slight adjustment on demand.

“It was kind of within what the trade was looking for,” explained Curt Kimmel of Ag Market.net on the CIFN Midday Update Friday.

They actually rolled those numbers into new crop and the new crop supply and demand balance sheet was virtually unchanged. Acreage and yield remained the same for new crop.

“I would suggest we keep an eye on what happens here at the end of the month with the June Grain Stocks Report,” noted Kimmel.

That report will give us an indication of how many bushels we have around the country, giving an idea of how good demand really is.