GFG Ag Services
Today’s USDA balance sheet revisions, for both the U.S. and world numbers, were mostly as expected. U.S. corn and soybean exports both saw modest increases given the continued strength in new sales, while USDA held the line on U.S. wheat exports. USDA left the South American corn crop estimates unchanged, although the market was looking for modest declines, while a slight lowering of the Brazilian soybean crop was mostly in line with expectations. The Argentine soybean crop was left unchanged, while the market saw the potential for a slight decline. Without anything definitively bullish in today’s revisions, the grain markets settled back following the recent price strength. This could set the tone for generally two-sided, choppy trade ahead of the critically important March 31 reports.
Quotes retrieved on April 17, 2014, 03:10:34 PM CDT
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