USDA’s Supply and Demand Report was slightly bullish for soybeans and wheat, but neutral for corn. Soybean ending stocks were lowered to 420 million bushels, with a slight decrease in yield by .4 bushels per acre and production was down to 4.307 billion. Quarterly stocks were lowered to 2.895 billion. Randy Martinson with Martinson Ag Risk Management of Fargo says this was positive for prices.

He says surprisingly enough USDA didn’t make many adjustments to demand, even with robust soybean exports.

Quarterly wheat stocks were up slightly to 2.073 billion bushels and so were ending stocks at 1.186 billion bushels. However, winter wheat acreage was bullish down 1.8 million acres from the trade estimate at 32.38 million acres and the lowest since 1909.

He says the corn numbers were neutral with only a slight decrease in production to 15.14 billion bushel, with a drop of .5 bushel per acre on yield. So ending stocks were down slightly at 2.35 billion bushels.

Brazil soybean production was raised 2 mmt to 104 mmt and USDA raised world ending stocks for corn, wheat and soybeans.