Corn and cotton were up; soybeans and wheat were down for the week. On Thursday, the USDA released its monthly World Agricultural Supply and De-mand Estimates (WASDE) report. The report provided bullish news for corn and cotton, bearish news for wheat and a mixed bag for soybeans.
Corn futures rallied based on increased ethanol use (50 million bushels) and exports (175 million bushels). Domestic and foreign ending stocks were revised down 225 million bushels and up 70 million bushels from last month’s projections, respectively. Compared to the previous marketing year’s ending stocks, global corn ending stocks are projected to decrease by 1.287 billion bushels. A substantial year-over-year decrease. The largest contributors to the decrease are increased global use and reduced South American production. Continue reading reading at Tennessee Market Highlights.