Written Commentary
Report Highlights
- Mostly bearish report again from USDA.
- USDA raised US soybean yield and World 2022/23 soybean end stocks higher than expected.
- USDA lowered US 2022 corn yield more than expected but raised US 2021/22 corn carryout.
- USDA increased Russia 2022 wheat crop and exports.
- Futures are lower but may be overreacting. Grain futures may now be more range bound.
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