@kannbwx

#Brazil's total #corn crop is seen falling by 6 million tonnes in USDA's report next week due to severe drought for second crop in some southern areas. Conab is also currently at 109 mmt and they are due to publish their update on Wednesday as well.

@kannbwx

Consultancy AgRural on Monday slashed #Brazil's second #corn crop in the Center South due to drought. The total corn crop is projected at 95.5 mln tonnes, down from 102.6 mmt last year. USDA and Conab are at 109 mmt. Analysts expect USDA to drop to 103 mmt on Wed.

Get ready for some fireworks at 11am.  Could be limit up or down, even with the expanded limits........or it could be something else. 

Anything is possible.

About 15 minutes before the USDA reports: CBOT July #corn +1.5 cents Dec corn -6 cents CBOT July #soybeans +39.5 cents Nov soybeans +13 cents

More in a minute:

https://release.nass.usda.gov/reports/crop0521.txt

@kannbwx

USDA sees U.S. ending stocks of #corn and #soybeans rising in 2021/22, though #wheat stocks are seen lower. Old-crop corn supplies come in slightly below expectations but new-crop corn comes in higher.

@kannbwx

USDA sees next year's world #corn carryout quite a bit larger than the trade thought. That is mostly on much bigger crops from the top producers (USA, #China, #Brazil, #Ukraine). USDA is optimistic on China's 21/22 demand for #soybeans at 103 mmt vs 100 mmt this year

@kannbwx

USDA lops off 7 million tonnes (275 million bushels) from #Brazil's #corn crop. #Argentina's output of #soybeans was trimmed but Argy corn and Brazil beans were unch.

More corn numbers

@kannbwx

@kannbwx

More numbers from USDA:

 #China #corn imports 20/21 26 mmt (was 24 last month) 21/22 26 mmt World less

 China #wheat carryout 20/21 149.24 mmt (was 150.09) 21/22 152.53

 China wheat feeding 20/21 40 mmt (unch) 21/22 35 mmt

@kannbwx

10m

#Brazil's #corn crop was cut by 7 mmt, and USDA reduced 20/21 exports to 35 mmt from 39 mmt. 

USA's 20/21 exports were increased by nearly 2 mmt from April. 

Brazil's 21/22 exports are pegged at 43 mmt and USA's are seen falling more than 8 mmt on the year to 62.2 mmt.