Report Reactions
Markets had a muted response to the data aside from a big jump in cotton.
USDA’s new-crop ending stocks forecasts for soybeans and wheat came in much higher than expected. The wheat crop estimate was also bigger than anticipated.
Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
Winter wheat production and new-crop wheat ending stocks both came in well shy of pre-report expectations.
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
USDA made limited revisions to its balance sheets this month, as expected.
The data failed to move markets much from where they were trading ahead of USDA’s reports.
Dec. 1 stocks, final 2022 production estimates and ending stocks lower than expected for corn and soybeans.
USDA made no changes to the soybean or wheat balance sheets this month.