StoneX Chief Commodities Economist Arlan Suderman says the winter wheat crop was much bigger than anticipated in the July WASDE Report. “USDA hasn’t fully accounted for abandonment in the hard red winter wheat belt in the Plains.” That will be solved in the September report. Soybean ending stocks was another surprise. “Instead of dropping ending stocks below 200 million bushels, they pushed it to 300 million bushels.” An accounting mechanism was used to make adjustments that incorporated old crop ending stocks that absorbed the loss of 400 million acres of soybeans. Commodity prices fell across the board following the release of the report.
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