Report provides some market excitement

Tuesday’s USDA report provided some market excitement for corn.

The government raised demand more than anticipated as exports increased by 150 million bushels and ethanol 50 million. This dropped ending stocks and the stocks to use.

No changes were made to the balance sheets on soybeans from the previous month as ending stocks were left at 470 million bushels and stocks to use at 10.8 percent.

Wheat ending stocks in the U.S. were 20 million lower due to a 25 million bushel increase in the export forecast which was offset by a reduction in imports.

Corn ending stocks on the world stage came in below the low end of the average guesses at 296.4 mmt. World soybean stocks were at 131.87 mmt and the wheat ending stocks for the world were 257.88 mmt.

Production estimates were unchanged from last month in South America for Brazil and Argentina corn and soybeans in Brazil were left unchanged. Argentine beans were move up by 1mmt.