Feb. 11 USDA report uneventful

World corn and soybean ending stocks both got lowered Tuesday during the Feb. 11 USDA report, but there were no changes for the U.S. balance sheets for both crops.

Typically, this report is dull since there are no production updates with few changes. USDA kept ending stocks and demand the same but wheat ending stocks were down four billion bushels.

“That’s kind of in the ‘who cares’ category too,” said Aaron Curtis of MIDCO.

Brazil and Argentina corn production was down and they lowered Argentina’s bean production by three million metric tons.

“We did see futures markets up a little bit this morning,” noted Curtis. “The market was expecting corn and bean carryouts to be lowered slightly so when that didn’t happen, we did see this little bit of a bounce in the market kind of fade away.”

Right after the report was issued at 11 a.m., markets briefly traded lower and then were back to unchanged.