Tidbits, July S&D, China & EU Crops, Weather, Rigs 7/11/26
- Wright team
- Jul 11
- 4 min read
USDA’s July S&D
Yesterday’s USDA numbers were supportive for corn, wheat, and beans, but wheat got an extra boost from Russia restricting access to waterways leading to the Sea of Azov (southeast of Ukraine) following Ukrainian attacks on oil tankers operating in the region. Analysts calculate that could take 735 million bushels off the world wheat market. Russia is the world’s leading wheat exporter.
Confirmation from USDA that U.S. 2026 wheat production is the lowest in 56 years reminded the market that the U.S. does not grow much wheat anymore!
On this date in 2017, December corn made its high for the year at $4.17. The U.S. carryout was a 59 day supply (40 days this year) and the world carryout was a 69 day supply (76 this year).
Take some time to study the attached S&D. Note the trend in the carryouts the past three years.
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