USDA report for corn was considered supportive against trade expectations. US ending stocks were pegged at 1.837 billion bushels vs trade expectations for 1.854 billion bushels and 1.837 billion last month. Brazilian corn production was left unchanged at 84 million tonnes from expectations for 84.5 million. Argentina production was also left unchanged at 27 million tonnes from trade expectations for 27.23 million tonnes. World ending stocks came in at 206.9 million tonnes as compared with trade expectations for 209.1 million tonnes and from 208.8 million last month.
USDA report for soybeans was considered neutral. US ending stocks came in at 460 million bushels as compared with the average trade estimate at 452 million bushels and compared with 450 million last month. Crush was revised down by 10 million bushels. Brazilian soybean production was pegged at 100 million tonnes as compared with 100 million tonnes last month and expectations near 100.13 million. Argentina production was 58.5 million tonnes vs. expectations for 58.85 million and 58.5 million last month. World ending stocks came in at 78.87 million tonnes as compared with trade expectations for 80.89 million tonnes and last month’s 80.42 million. China import demand was revised up by 1.5 million tonnes to 82.00 million tonnes.
USDA report for wheat was considered slightly supportive. US ending stocks came in at 966 million bushels as compared with the average trade estimate of 975 million bushels and compared with 966 million last month. Exports were unchanged. World ending stocks came in at 237.6 million tonnes from 238.87 million tonnes last month with a range of estimates for 236-240 million tonnes.
The U.S. 2015/16 cotton supply and demand estimates are unchanged from last month. Marginal adjustments in harvested area and yield reflect NASS’s resurvey of the South Carolina crop. With lower consumption partially offsetting lower production, global 2015/16 cotton ending stocks are revised down this month. Production is estimated lower in India and Pakistan, based on arrivals at gins, but higher in Australia. The 1.0-million-bale reduction in India’s crop reflects an early withdrawal of monsoon rainfall combined with pest damage in the northern states. Consumption is reduced mainly in Pakistan, based on lower available supplies. World ending stocks are now projected at 103.3.