At 11 A.M., the USDA released their latest WASDE (Worldwide Ag Supply and Demand Estimate) report.
With no adjustments to U.S. corn balance sheet, we moved quickly from trading a few cents higher to negative numbers for the day. They did tweak the Ending Stocks for soybeans, moving from 190 million to 175, while the average of the trade estimates was 168 million. That also pushed values from 15 or 16 higher to negative numbers.
World ending stocks moved a little lower for corn, from 291.43 million metric tons (mmt) previously to 288.96 mmt. They reduced the estimate for Argentina corn and soybean production by 1 mmt each, but left the estimates for Brazil unchanged.
Full details are in the chart below. As of about 11:25, corn is down one and beans are about one higher.