Corn and soybean production was lowered in Thursday’s USDA report, which was within trade expectations. Martinson Ag Risk Management President Randy Martinson said the ending stocks gave the market this bump, “but, corn and soybeans stocks were cut a little bit more than anticipated.” In addition to the supply/demand report, Martinson said the trade was watching U.S. weather and Brazilian transportation issues. “They’re seeing low water levels up in the northern parts of the country because of the dry conditions they’ve been seeing so they’re looking at switching their exports to the southern part which will delay their shippings by seven-to-ten days. Anybody that’s going to be wanting just-in-time inventory or needs the product a little quicker will have to come to the U.S. and the Pacific Northwest is competitive or a little cheaper than beans coming out of Brazil at this point.”
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