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USDA Report Update

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Midday Update

·         Corn +9, soybeans +50, Chicago wheat +4, KC wheat +2, Minneapolis wheat +1.

·         USDA first estimate for 16/17 US and World crop supply had some surprises in store – most specifically in the large jump in expected corn demand (525 mln bu) and the soybean carryout estimate 100 mln below the trade expectation for 16/17.

·         2016 corn production is projected at 14.4 bln bu, up 829 from 15/16 on an increase of 5.6 mln acres of plantings and a small reduction in yield at 168.

 

 

  

 

All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.

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