CEDAR RAPIDS, Iowa (KCRG) - The World Agriculture Supply and Demand (WASDE) report is out from the USDA and supplies were a bit more than trade expectations.
The U.S. corn outlook shows lower feed and residual use, lower corn used for ethanol and exports, and bigger stocks.
Export numbers are down 75 million bushels to 2.3 billion. Ending stocks are up 200 million bushels to just over two billion with supply unchanged and lower use.
The U.S. soybean supply and use changes show lower imports, higher seed use, and lower ending stocks.
Soy crush and exports are unchanged at 1.87 billion bushels and ending stocks are only down five million bushels, projected at 895 million bushels.
Market Analyst Jamey Kohake with Paragon Investments says the numbers look like they were built into the market.
"Market still looks range bound and it's still waiting, I think, probably till we get closer to the end of the month to see a more definitive estimate on acreage," Kohake said.