A sea of red.
From DTN Progressive Farmer, July 12:
USDA Raises Corn, Lowers Soybean Production in July Report
This article was originally posted at 11:05 a.m. CDT. It was updated at 11:29 a.m.
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OMAHA (DTN) -- With slightly higher corn acres, USDA on Tuesday bumped up corn production slightly to 14.5 billion bushels (bb), but lowered soybean production by 135 million bushels (mb) to 4.5 bb.
USDA increased Russia's wheat production to 81.5 million metric tons (mmt), while leaving exports unchanged at 40.0 mmt. USDA decreased Ukraine's wheat production to 19.5 mmt and held exports at 10 mmt from June's estimate.
According to DTN Lead Analyst Todd Hultman, Tuesday's new U.S. ending stocks estimates were slightly bearish for corn, but neutral for soybeans and wheat. Hultman pegged the world ending stocks estimates from USDA as a little bearish for corn, but neutral for soybeans and wheat.
Stay tuned throughout the morning and refresh this page often as we will be sending a series of updates with the important highlights from today's reports, including commentary from our analysts.
You can also access the full reports here:
-- Crop Production:
-- World Agricultural Supply and Demand Estimates (WASDE):CORN
With acreage bumped up by 400,000 acres to 89.9 million acres, USDA held pat on yield estimates at 177 bushels an acre. That pegged production at 14.505 bb, up 45 mb from June's forecast.
USDA also increased old-crop ending stocks by 25 mb as well to 1.51 bb. That came from USDA lowering the 2021-22 feed and residual use by a corresponding 25 mb. Those number shifts increased total corn supply for 2022-23 by 70 mb to 16.04 bb.
....MUCH MORE
https://www.usda.gov/oce/commodity/wasde
Futures are down double-digits for the three major crops as well as for oats and rice.
All via FinViz (also on blogroll at right)
