Afternoon Grains

Mixed finish today post report with corn and wheat finishing lower and the soy complex higher across the board. The USDA left both corn and soybean carry outs unchanged from last month which was a little surprising with lower stockpiles last month. They bumped up Brazil soybeans 1MMT but cut Argentina soybeans 6MMT and corn 3MMT. US wheat carryout was raised 30 million bushels but they did cut world wheat 2.1 MMT. On the face of the numbers, this report reads neutral to bearish so price action should give bulls a little solace. We don’t think prices will take off from here but markets will continue to watch the weather forecasts as planting ramps up. NFC Grain Afternoon Comments. (6)

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