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The market anticipated a slightly bullish report for corn, expecting an increase in exports based on six consecutive weeks of strong performance. However, the report did not meet these expectations. The USDA left export numbers unchanged and instead lowered the feed residual use, resulting in a slightly bearish outcome. This was contrary to the pre-report estimates that had suggested a friendly report, similar to what we saw in January.
Moving over to soybeans, the situation appears more straightforward. Soybean exports have been disappointing, with over 300 million bushels carried over. Despite the trade being steady or slightly better at the moment, the USDA's stance on the Brazil soybean number was a shock. The USDA did not follow the trend of lowering the Brazil soybean estimate, which was a "kick in the face" for those of us following soybeans closely.
