The USDA’s latest grain report showed mixed results for major crops, with corn supplies coming in higher than expected, soybeans tightening slightly, and wheat production also on the rise.
Corn inventories were larger than pre-report estimates, with slightly higher production and planted acreage compared to last year. Soybean stocks, on the other hand, were down compared to last year, reflecting tighter supplies.
Wheat supplies also grew compared to a year ago, with both on-farm and commercial storage higher. Yields improved compared to last year, signaling better growing conditions for many wheat varieties. Analysts noted the report leaned bearish for corn and wheat markets, given the larger supplies, while soybeans were seen as more neutral.
Photo Credit: USDA
Comments