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USDA Kicks the Can

Published on Thursday, July 11, 2019

After the overwhelming criticism that followed the Acreage Report on June 28th, the USDA held silent on much of today's Supply and Demand Report.  The changes of note came in beginning corn stocks where 145 million bushels were subtracted from demand (largely exports - 100k) in the 2018/19 marketing year.  The growth in yield is purely a function of the acreage report which remains in question.

On that note, soybean production was reduced by the acreage report. Consequently bean ending stocks were reduced by 250 million after reductions in exports were acknowledged.

In the end, the questions swirling around this years crop remain intact and unanswered for another month unless otherwise influenced by weather.

A full view of today's changes can be seen below.