Following the USDA supply/demand report, the trade was focused on the smaller wheat production number and the increase in corn and soybean stocks. StoneX Chief Commodities Economist Arlan Suderman says the supply numbers were in line with estimates, but demand was a surprise. “USDA was very aggressive in the Chinese corn import number, considering what is happening with their economy, livestock production, and the rising tensions between the U.S. and China.”
