USDA Demand Data to be Released Today at 11 CST

Grains were mixed in narrow ranges ahead of the USDA report to be released later this morning.

寻找7美元的贸易委员会，并以每月1美元的价格进行实时流媒体报价；尝试谷物树篱平台的演示！

Overnight, France’s Ag Ministry dropped their wheat carry-out projections for the 2nd month in a row based on higher projected exports. They peg wheat stocks at 2.4 MMT for 2016/17 versus 2.6 MMT last month. This would be a 3-year low and off from the 3.3 million mark last year.

In soybeans, traders will carefully scrutinize USDA demand data in the upcoming report. Projections put US carry-out for 2017 at 555 MB, up from the current year carry-out of 445 MB. Soybeans have been supported of late by slow farmer selling in Brazil. Even with a record large crop, farmers there have only sold 50% of their production, a number that is normally around 65% for this time of year.

For corn and wheat, traders expect both crops to see about a 200 MB drop in carry-out between old- and new-crop years. On wheat, USDA will be pegging the winter wheat crop from surveys for the first time this year. Analysts expect a 1,293 MB crop, off from 1,672 last year.

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—Kevin McNew