USDA Monthly Supply and Demand

USDA Monthly S & D 2/8/18 

Report offering pressure to wheat and beans on ending stock numbers coming in higher than expected. Wheat down a dime, beans seeing 2-sided trade. Beans were within range for SA. Ending stocks for corn were lower than expected, but offering only slight, momentary upside. Seeing pressure from bigger Brazil corn crop numbers, at the high end of analysts’ estimates, even with Argentina coming in low. Now back to trading near unchanged.

Next resistance level for corn could be 4.00 CZ. Not unreachable. Could see a new support level @ 3.94. Think 3.65 CH and 3.95 CZ are good levels to sell in store bu/contract.

Wheat will get support from drought areas, but Russia’s favorable weather will add much pressure partnered with higher-than-expected stocks and lack of exports.

Pressure from ending stocks, Brazil crop estimates, and lack of exports will keep a lid on much upside for beans.