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AGRIBUSINESS: Report Out, Friendly Domestic Numbers

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In the World Ag Supply and Demand Estimates Report out Monday morning, domestic numbers on corn and soybeans were fairly friendly.

American soybean supplies continue to tighten, with ending stocks for this marketing year projected at 145 million bushels.

Soybean imports were also raised by 5 million bushels, with exports raised by 20 million bushels.

Globally the soybean picture was more bearish, with world ending stocks dropping to 70.64 million metric tons, yet offset with negligible reductions on South American production.

U.S. Corn carryover was pegged at 1.45 billion bushels, a drop of 25 million bushels explained with a 25 million bushel increase in corn exports.

Market Analyst Rich Balvanz with AMS Commodities says the global numbers on corn weren't quite as friendly.

"The global carryover however, was raised somewhat from last month, not a lot, about 1.5 million metric tons." Balvanz says, "So we had positive domestic news and somewhat unfriendly global news."