The numbers are out of the way….carryover on corn at 2.035 billion bushels..wheat 1.087 and beans at 895………………They decreased bean carryover by 5 from February while increasing corn by 200 and wheat by32 million bushels……………like with all government figure adjustments to come next month.
The USDA did announce that they will be issuing world numbers sans China in the May world supply/demand………they did not give a reason yet, they deserve thanks for giving us a heads up…….thank you USDA!
World corn production was increased from March raising Argentina to 47 million metric tonnes and Brazil to 96 million metric tonnes and the EU to 63 mmt. World wheat slipped slightly to 732.869 mmt . A major jump in Iran ending stocks from 3.216 mmt to 6.316!!!!!!!! What happened?
Fun with numbers is over for a while and it still comes down to weather. Wheat likes dry feet and corn likes to get planted in dirt, not water. The rain is a nuisance and we are approaching the point of no return in certain areas for planting decisions. Appears that we’ll see a lot more bean acres this Spring and Summer. The USDA figures did reassure us that we’ve comfortable stocks to get us to new crop and we’ll be trading the weather from now until harvest to determine and adjust as to what that crop size will be!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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