Tidbits, S&D Comments, China's PPI, Crude Oil 7/12/25
- Wright team
- Jul 12
- 4 min read
Updated: Jul 12
Highlights
USDA increased their old crop corn export projection on yesterday’s S&D by 100 million bushels to 2,750 million bushels. The past four S&D reports have increased this marketing year’s corn exports a total of 300 million bushels. Unfortunately, USDA also reduced feed use for corn by 75 million bushels yesterday even though the marketing year ends 31 August. The animal numbers reported by USDA in recent months do not justify a feed cut and there was no increase in feed wheat use to replace corn in rations. The old crop corn carryover was reduced to a 32 day supply, down 1 day this month and 5 days since February. The world corn carryout was also reduced by one day’s use yesterday and has lost 8 days use since February while September corn lost 86¢ since 19 February.
The wheat numbers were friendly primarily because the old crop world carryout was trimmed 700,000 mts more than expected and the new crop world carryout was 3.2 million mts less than expected.
The soybean numbers were neutral for the U.S. while the world carryout increased about 800,000 mts more than expected. The USDA did increase soybean oil biofuel consumption by 1,600 million pounds (11.5%) and increased the expected price of bean oil by 7¢ per pound to 53¢. As one would expect, bean meal price was reduced again, this time $20 per ton.
Want to read more?
Subscribe to wrightonthemarket.com to keep reading this exclusive post.
