On Wednesday, USDA released it’s February World Agricultural Supply and Demand Estimates report with very little change to the U.S. and World numbers. Crush was cut in the U.S. by 15 million bushels which translated to a corresponding increase in carryout. USDA did also raise U.S. corn ending stocks by 25 million bushels.
Meantime, Argentine corn and soybean production was cut fairly substantially on this report with weather concerns remaining a factor there. No change to Brazilian production. This report overall could be considered neutral for corn, soybeans and wheat.
View the full report here: https://www.usda.gov/oce/commodity/wasde
Also, hear analysis from Arlan Suderman of StoneX as he talks with Jesse Allen: