May USDA Report
Markets did not react significantly to Wednesdays USDA report.
Of note was;
Wheat Neutral
US Down 13 MT (million tonnes)
AUS down 10 MT (to 25 MT)
Russia down 5 MT
EU up 5 MT
India up 10 MT
World stocks up 3 MT & stocks to use ratio up 65 points to 35.15%
Barley Bullish
Good news story
AUS down 5 MT
World production down 10 MT, stocks down by 7 MT and a stocks to use ratio down 4.59% to 12.12%
Corn Bullish
US down 27 MT
China down 4.5 MT
South Africa down 3 MT
World production down 31.5 MT, stock down 28.5 MT (20 MT in China) & stocks to use ratio down 2.87% to 18.38%
Soybean Bearish
World production down 3 MT, demand up 13 MT, stocks down 1 MT & stocks to use ratio down 1.78% to 29.63%