7-11-14 USDA Report
Friday, July 11, 2014, 11:07 AM
Submitted by: Jon Setterdahl
Monthly Supply/Demand report out….adding to the bearish market sentiment. Corn carryout this year was raised to 1.246Bln, next year projected at 1.801Bln using a yield of 165.3bpa (which was nearly unchanged). World corn carryout increased due to larger crops in Brazil and China. Soybeans also bearish as this year’s carryout somehow increased to 140Mln, next year projected at 415Mln using a yield of 45.2bpa (also nearly unchanged). Nothing here for the bulls to latch onto. Market feel is that if good weather continues, yield estimates will move higher and further increase next year’s carryout numbers. Price reaction thus far is corn trading down 6-8 cents and soybeans down 20-40 cents.