02/11/25 Afternoon CommStock Report – February USDA Reports Etcetera

Hard to say that we got our money’s worth today. USDA left last month’s domestic balance sheet unchanged with projected carryovers for corn left at 1.54 bln and soybeans at 380 mln bushels. RJO had been looking for small increases in both carryovers. They looked for corn exports and ethanol use to both increase by 25 mln bushels but for feed usage to drop by 75 mln for a net addition to the corn carryover of 25 mln bushels. RJO looked for soybeans exports to be cut 25 mln and domestic crush to be cut by 10 mln bushels. Maybe next time. As noted, USDA made no changes to US corn and soybean balance sheets.   USDA did reduce the global corn carryover by 3 mmts to 290.3 mmts which puts it 25.5 mmts below the previous year (315.8). That is not bearish but why funds are long. The bull looked tired by today’s close. They reduced global soybean ending stocks by 3.1 mmts from last month putting them at 124.3 mmts but they were still 11.9 mmts larger than the previous year (112.5). Given the incentive to grow corn over soybeans that could change this season. The difference in…