In Thursday’s Supply and Demand report, the USDA didn’t change U.S. corn and soybean ending stocks much. Global Commodity Analytics and Consulting President Mike Zuzolo says world numbers were a bright spot. “Both corn and soybeans came in as a surprise to the trade. The 2021 ending stocks, globally for corn and soybeans, came in below the average trade guess. That was welcome news. The bear didn’t get fed in the corn and beans, especially given the world numbers.” The bull didn’t get fed either. “The over-riding issue in this report is clearly the wheat market.”
