US grains jump after USDA report

American quotations quickly recovered this Thursday evening in reaction to the latest USDA report. The US Department of Agriculture has in fact reduced its US corn harvest estimate by 1.8 Mt this year (383 Mt) and the expected stock at the end of the campaign by 2.8 Mt (53.6 Mt). Soybean production was also reduced by 1.1Mt (111.7Mt), but a reduction in export potential leaves the ending stock unchanged from estimates provided by the USDA last month. The USDA further reported the sale of 125 kt of corn to Guatemala and 295 kt of soybeans to unknown destinations during the session. Also note, ethanol stocks in the United States fell by 500,000 barrels last week (21.5 Mb) despite almost stable production during the period. American wheat production, on the other hand, was increased by 2.1 Mt by the USDA (49.3 Mt), but the Australian harvest was at the same time cut by 1.5 Mt, to 24.5 Mt, against 39.7 Mt a year earlier. At ...