Wednesday USDA report a 'dud'

Wednesday’s USDA report was considered a dud with not much happening.

“You could call it a punt to next month,” Joe Camp of CommStock told The Central Illinois Farm Network. “It’s probably more a punt toward the end of the month with those key grain stocks and acreage reports coming up to tell us more about supply and demand.”

The report kind of makes USDA analysts look a bit lazy as they take a wait-and-see approach until the end of month reports.

Supply didn’t change on soybeans and the only revision was that old crop crush was reduced by 10 million bushels. New crop ending stocks were up by about that much.

While there wasn’t much on the U.S. side of the report, globally, Brazil’s soybean crop was only reduced by 1 million metric ton.

“The more considerable changes were for wheat,” notes Camp. “We had the winter wheat crop yield bumped up just a bit for ours and for the global balance sheet, there were some wheat production reductions for Europe.”

Now, it’s all about the weather for the rest of the summer growing season.