As expected, USDA made only small adjustments to grain and soy numbers in its December reports, with ending stocks close to the trade’s expectations.
According to World Agricultural Supply and Demand Estimates, the U.S. carryovers are projected at:
- 1.785 billion bushels for corn, which is slightly higher than the trade expected.
- 465 million bushels for soybeans, which is the same as the November report.
- 911 million bushels for wheat, which is the same as the November report.
The news appeared to have little impact on the market, at least initially.
“This was a quiet report,” said Louise Gartner of Spectrum Commodities, speaking on a post-report MGEX conference call reviewing the numbers.
“Any changes to these numbers are so small,” said Tommy Grisafi of Advance Trading in a conversation with AgWeb. “The market didn’t even move.”
As of midday, March and May corn futures were roughly 2 cents, to $3.716 and $3.774, respectively. Soybean futures for January through May dipped almost 4 cents, with March futures at $8.76. Only wheat rose, gaining more than 8 cents for December futures price of $4.792, thanks to a smaller than expected U.S. wheat carryout.