Report not so friendly for wheat

Thursday’s December USDA report was bearish for wheat but more bullish for corn and soybeans.

Wheat took the hit as it got the surprise of a higher report. Last month’s wheat number was 583 million bushels and the estimate was for a higher stock number of 589, while it actually came in at 598.

USDA grain ending stocks for corn were at almost 1.49 billion bushels with the average trade guess at 1.47 billion. This was the same number as November. Soybeans were at 340 million bushels compared to the average estimate of 353.