Corn and soybean futures finished higher in post-USDA trade on Friday, while wheat was steady to lower.
Today’s monthly supply-demand update was considered bearish for soybeans, with the USDA revising US yields, production and ending stocks higher from last month, even as most traders were expecting reductions. However, the government’s yield estimates were as of Aug. 1 and some traders reportedly feel things have deteriorated since then. Midwest forecasts also look warm and dry. September beans gained 14 ¾ cents to $15.35 and November was up 5 ¾ cents to $14.54 ¼.
In contrast, the report was considered slightly bullish for corn, with yields and production revised down from July but still generally within trade expectations. Drier conditions in the western Corn Belt remained a supportive influence. September corn was 10 ½ cents higher at $6.39 ¾ and December gained 14 ½ cents to $6.42 ¼.
The report was largely neutral for wheat, with 2022-23 US and global production revised higher but ending stocks lower compared to last month. September Chicago wheat was down 4 ¾ cents to $8.06, September Kansas City was steady at $8.89 ¼ and September Minneapolis slipped 2 ¼ cents to $9.19 ½.
Source: DePutter Publishing Ltd.
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