Highlights
Nothing in yesterday’s reports changed our price outlook. We expected neutral to somewhat friendly numbers and that is what USDA gave us. USDA reduced the size of the 2023 U.S. soybean crop by 3 million bushels to 4,162 million bushels. USDA did not change the 2023 corn production.
The biggest surprise, but not a big one, was corn demand was substantially more (84 million bushels) than the market expected. That was a 0.56% increase in demand and a reduction of 4.5% for the carryover, which is a bit more than two days’ worth of use.
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