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MARKET COMMENTARY

WASDE Report Recap

Thursday, March 8, 2018, 2:03 PM
Submitted by: Landus Cooperative


WASDE Report Recap

 

USDA numbers are out. Corn ending stocks were trimmed by 225 million bushels as world production was left unchanged, corn used for ethanol was increased 50 million bushels and exports were increased by 175 million bushels.

 

World soybean ending stocks were lowered more than anticipated, but this was offset by U.S. ending stocks being up 25 million bushels, higher than expected. U.S. exports were also lowered 35 million bushels. Argentina’s production was decreased by 7 MMT, slightly larger than expected, putting their production estimate at 47 MMT. Brazil’s production was increased by 1 MMT to 113 MMT, slightly less than anticipated.

 

The market responded in a bullish manner to the corn numbers, with nearby contracts closing up 6+ cents. Overall the report was fairly neutral for beans, as traders have been pricing the reduced production into the market the last few weeks. Soybean contracts closed mixed, either side of a penny.

 

 

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