The WASDE report for agricultural commodities has been published today. In short, the report was positive for corn thanks to a significant reduction in closing stocks, although at the same time they remain at higher levels than a year ago. For soybeans, stock levels were expected to be somewhat higher, but they still remain extremely low.
Definitely lower level of inventories as compared to May forecasts. Generally no major changes. Significant increase in closing stocks for the 21/22 season compared to 20/21. Lower exports are also expected. Source: Bloomberg
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Corn price is gaining ground today thanks to positive report. Source: xStation5
A slight increase in inventories compared to May or the previous season. Extremely low inventories levels for consumption. Still, soybeans in retreat after the report. Source: Bloomberg
Data for soybeans overall remain very good, although today's report is slightly negative. Source: xStation5
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