Yesterday's USDA numbers were essentially neutral with a decidedly negative twist for the wheat. There was nothing in the report to justify the price wash out yesterday. It was all gloom and doom pricing. For example, the USDA reduced the US new crop soybean carryover by 3 days to just a 19 day supply at the end of the marketing year. The USDA also reduced the world carryout by one day. Bullish, right? Nope. USDA reduced the national average cash price expected to be paid to US famers for their 2022 soybeans by 30 cents to $14.40. The good news (or bad?) is new crop beans are less than $14.40 cash, so another reason not to price beans at this time.
Attached is the farmer language version of yesterday's USDA Supply and Demand Report. Note the carryovers in terms of days' use for the three commodities for the three marketing years listed. The market, in the end, if not long before the end, will go where the carryout demands.