PRO FARMER
USDA pegged new crop corn ending stocks at 1.790 billion bu., well below the average pre-report estimate of 1.873 billion bu. World ending stocks for corn, soybeans and wheat also landed below expectations.
Euronext and CBOT corn futures have diverged, though U.S. weather has garnered greater attention since USDA’s June 30 Acreage and Quarterly Stocks reports.
Corn acres landed above the average pre-report estimate, though lighter-than-expected June 1 stocks are supportive. Wheat acreage and stocks were mostly short of average pre-report estimates.
Placements and marketings were each down notably from year-ago, though marketings in May were near record low for the month.
USDA sees U.S. wheat production at 1.543 billion bushels; world corn ending stocks estimate rises