Feb 09, 2022

The USDA came in less friendly than expected on today's report but the money continued to roll in, trade simply threw the WASDE aside and continued to buy.  The immediate reaction to the report saw corn lose around 5 cents and soybeans about 10 cents and then we were back to trading crop loss in South America.  The USDA cut 5 million tonnes (183 million bushels) to their Brazil soybean production estimate from the previous month.

No changes on the corn balance sheet this month.

Soybean ending stocks were lowered 25 million bushels with the USDA increased crush usage.

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