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Nothing overly surprising in report


There were mixed results from Wednesday’s USDA report but nothing overly surprising.


The USDA February WASDE did have some changes which were expected. South American production numbers dipped lower but not by quite as much as anticipated.


“Further cuts are still likely for crops in Brazil and Argentina,” Joe Camp of CommStock told The Central Illinois Farm Network late Wednesday morning.


Usage on the soybean side is doing well and USDA analysts did not touch the export figure for soybeans.


“That could still go up in the future, especially if we see some of those cuts to the South American production estimates,” explained Camp.


On the corn side, the U.S. balance sheets remain unchanged with no adjustments to exports or domestic usage. After the report was issued, trading was mostly like it was before the information was released.


Wheat did take a bit of a hit because government analysts did reduce exports again.

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