USDA report

[fjlip]

First the stupid news, USDA finds another 149 MMT of corn in China...almost DOUBLED last month's world ending stocks number, that ought screw up farm income for decades!
US corn and soybean production both lower than average trade guesses. Wheat ending stocks lower also.

[furrowtickler]

Yup that much corn 🌽 just pops up outa nowhere 🧐
At least they said they found it in China , pin the tail on the Donkey style ..... absolutely no way to really confirm anything from there lol

[farmaholic]

First the stupid news, USDA finds another 149 MMT of corn in China...almost DOUBLED last month's world ending stocks number, that ought screw up farm income for decades!
US corn and soybean production both lower than average trade guesses. Wheat ending stocks lower also.

Someone found China's "strategic grain reserve"? LOL.

[farming101]

Wheat ending stocks are forecast to be down from 2017-18 but up over 6 MMT from the October estimate so not so good.
A boost to production of 2.5 MMT and an ending stocks adjustment brought forward from previous years.

Mostly China again so might be of no significance

[WiltonRanch]

Yup that much corn 🌽 just pops up outa nowhere 🧐
At least they said they found it in China , pin the tail on the Donkey style ..... absolutely no way to really confirm anything from there lol

Nailed it. No one would know including the USDA. Mind you there’s stories about mountains of stockpiles over there. Or could be like the sask ndp’s rainy day fund; a bunch of creative accounting and bullshit.

[furrowtickler]

Russia is the US media boogie man
China is USDA’s boogie man

[Agvocate]

Watching how markets closed is fairly telling. The extra corn is really a non-story. If you are doubling world ending stocks from one report to the next and dont end up limit down in corn, fairly safe to say it shouldn't have much affect on price going forward. This isn't new corn and it wont find its way to world markets, and who knows how much is actually of sound quality. It was a paper adjustment over 10 years that had been reported for a few days already. Maybe surprising the USDA put it in the report but not much change for price direction.

Overall we kind of ended up where we started the day with some big intraday moves that didn't hold on. Still feels heavy on the supply side but perhaps the most bullish thing is that everyone seems to be bearish....