USDA raised soybean ending stocks and lowered corn ending stock a little more than the grain trade was expecting last week. Global Commodity Analytics and Consulting President Mike Zuzolo thinks global supply fundamentals are in play for the grain market. “We’re starting to find more fundamentals of ample supplies coming out of South America to take the competitive side of the soybean market away from the U.S.,” says Zuzolo. “Whereas with corn, the USDA confirmed there’s a tighter crop down in Brazil, specifically and it will be more difficult for the corn market to find more competition. The biggest nemesis for the corn market, when it comes to exports and feed, is wheat.”
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