March contracts of corn, soybeans and all three wheats were trading higher before Tuesday’s WASDE report was released, but by the end of the session, only soybeans and soy products were left with higher closes. USDA on Tuesday lowered ending stocks for corn and soybean with boosts in export sales for both crops.
U.S. corn ending stocks for the 2020-21 crop were pegged at 1.502 billion bushels (bb), down 50 million bushels (mb) from last month’s estimate and coinciding with a 50 mb bump in corn exports. Soybean ending stocks were lowered 20 mb by USDA to 120 mb, also tied to a 20 mb increase in exports.
Meantime, livestock saw strength especially in feeder cattle futures. With the lower corn prices, feeders took advantage and saw triple digit strength while live cattle and lean hogs were mixed.
Farm and Ranch Director Jesse Allen has our full report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406