Crop report bearish for wheat with bigger HRW crop: Podcast

USDA lowers estimates for Brazil corn and soybeans but leaves Argentina unchanged.

The U.S. Department of Agriculture’s monthly crop report drew bearish reactions in the wheat markets as the government increased hard red winter wheat production estimates due to excellent growing conditions and expected record yields.

U.S. corn and soybean production forecasts were left unchanged, but exports were increased for both crops, and ending stocks were lowered.