USDA July WASDE Report

On Monday, USDA released the July 2021 WASDE report with minimal changes. Below are some notes on the numbers:

Other spring wheat production fell to just 345 million bushels (mb) compared to 586 mb a year ago, impacted by drought.

There was no change to US corn or soybean yields in the report. New crop corn stocks slightly higher at 1.432 billion bushels, up from 1.357 last month. Soybean ending stocks unchanged at 155 million bushels. Wheat ending stocks at 665 million bushels, down from 770 million the previous month and below trade at 729 million. Also, USDA is at 93 mmt production for Brazil.

You can read the full WASDE here: https://www.usda.gov/oce/commodity/wasde/wasde0721.pdf

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