USDA left U.S. corn stocks unchanged at 1.89 billion bushels in the February Supply and Demand report. Zaner Ag Hedge Group Chief Market Strategist Ted Seifried says USDA did tweak the corn usage number. “They made some changes on the corn domestic balance sheet. They cut exports by 50 million, but they put it back on ethanol usage,” says Seifried. “Soybeans were lowered by 50 million bushels, because they increased the export category. That was the token change in acknowledgement of a phase one trade deal.” Seifried says calls the report underwhelming. “This was a bearish report.”
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