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USDA Crop Report Releases Today

Report is expected to show higher wheat carryout

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Grains were mixed overnight as traders await fresh input from USDA’s crop report at 11 am CDT today.

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Overall, the USDA report is expected to show higher wheat carryout on the heels of better US production and weaker exports, while corn and soybeans are expected to see a drop in carryout thanks to surging US exports.

It also seems likely that USDA will need to lower their Brazil forecasts for corn and soybeans after the government there cut their production forecasts. Brazil’s soy crop is pegged at 95.6 MMT v 99.0 USDA while the corn crop is at 76.2 v 81.0 USDA.

India may import 5 million tonnes of wheat in 2016/17 as its local production is hit by back-to-back years of drought amid rising demand, a leading consumer said on Friday.
The country is expected to produce 85 million tonnes of the grain in 2016, a decline of about 2.3 percent from last year, said S. Sivakumar, group head of agri and IT businesses at ITC Ltd.

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