Most of the July WASDE report was as grain traders expected. Allendale Chief Market Strategist Rich Nelson says the grain stocks were the big story and offered a surprise. “We were watching the new crop corn exports, which the USDA raised only slightly. We think there’s more to go on that number. Then, the drop for the wheat crop was more than the grain trade expected.” The USDA is projecting wheat ending stocks at 665 million bushels, down from 770 million last month and below the trade expectations. New crop corn ending stocks for the U.S. is forecast at 1.43 billion bushels, up from the 1.35 billion in the June WASDE report. This corn ending stocks number is in-line with trade expectations. New crop U.S. soybean ending stocks are at 155 million bushels, unchanged from the June report.
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