Even though we have several weeks left in the old crop marketing year for corn and soybeans, market attention is starting to shift more toward new crop balance sheets. This isn't just in the United States, but globally.
Stocks to use on corn, soybeans and wheat are all forecast to remain tight next year, but adequate. The only real concern is in the United States on soybeans, even this is no longer fresh news, and losing its initial bullish influence on the market.
New crop commodity demand isn't expected to change considerably from old crop, but there are definitely questions arising over projected numbers. Global corn demand remains high, especially with China rebuilding its hog herd.
The USDA has lowered its new crop corn export forecast as global production is expected to rise, but given the volume of sales the U.S. already has on the books, this is being questioned.
The same doubt is hovering over new crop soybean exports as the USDA has lowered that figure for the U.S. as well, even...
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