The Wasde report is behind us. The numbers appear bearish over the long haul. The domestic carryover is raised 10 million bu. The global carryover is raised 4.6 mmt. The global number is 87.4 mmt This represents a 10 mmt increase year on year. The bean availability globally is very astounding. The long term outlook will remain bearish without a severe weather problem. The markets will shift focus to domestic planting and the weather as it relates. At present subsoil is ample to positive. Some wet areas will be monitored,but still very early
The corn market was quiet after the report. The domestic numbers are left unchanged at 2320 billion carryover. The global numbers continue to show year on year increases due to south american increases. In addition the Chinese corn stocks are a record at 121 mmt, that’s right, a 20 mmt increase year on year. the long term for corn and feed grains in general looks a bit bearish. Although the funds remain short.
Tomorrow may represent the real reaction to todays numbers.
be well