The December USDA’s Supply & Demand report last week started off with considerable upside momentum in corn and soybeans, but by the day’s end, March corn closed 2 ½ cents weaker at $4.21 ¼ and January soybeans shed 5 ¾ cents, slipping to $11.52 ¾.
From a U.S. perspective, the corn report was a non-event as the USDA’s 20-21 ending stocks forecast was sharply unchanged at 1.702 billion bu. Pre-report estimates had penciled in an average reduction of about 11 million with a fairly wide range of 1.55 to 1.82 billion.
The soybean carry-out, while already tight, saw less of a change than had been expected by the trade: stocks declined 15 million from last month to 175; the trade was expecting a 169 million bu. figure to be printed with estimates ranging from a low of 120 mbu to a high of 221.
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