USDA increased global soybean ending stocks increased two million tons. Corn global ending stocks fell slightly and wheat held steady. Ag Resource Company President Dan Basse says there’s nothing new globally other than Ukraine will be exporting 3.5 million metric tons more corn and 1.5 million metric tons of wheat due to the open corridor. “With that in mind, USDA trimmed U.S. corn exports by 50 million bushels. We saw soybean exports go up slightly, along with wheat exports.” Basse says it’s a relatively tame global situation, especially with Ukrainian exports being raised. “Russian exports are forecast at a record large 42 million metric tons. As we look at the world, we wonder in war torn areas are we going to export that much. USDA is really aggressive right now in forecasting Ukraine and Russia exporting as much wheat as they are.”
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