Highlights
Nothing in yesterday's numbers changed our outlook for prices in 2023.
On yesterday’s reports, USDA did:
Reduced Argentina’s corn crop by 5 million mts to 47 million and left Brazil’s corn crop unchanged at 125 million mt, the net change was pretty much expected.
Reduced Argentina’s soybean crop by 4.5 million mt to 41 million and left Brazil’s corn production unchanged at 153 million mt.
Raised Australia’s old wheat crop 1.4 million mt, to a record 38 million, as expected.
Increased Russia’s old wheat crop 1 million mt to 92 million, not a surprise.
As expected, lowered US corn for ethanol by 25 million bushels; carryover up the same.