'Vanilla' is the term being used to describe the United States Department of Agriculture's (USDA) December World Agricultural Supply and Demand Estimates (WASDE) Report.
That from Dan Basse, president of Ag Resource Company in Chicago.
"They cut U.S. exports of wheat by 25 million bushels, largely because of pace analysis. In other words, the Russians are exporting so aggressively that the U.S. opportunities are more limited. So they did take Russian wheat exports up to 36.5 million metric tonnes...Other than that not a lot of change. Soybeans left unchanged at 955 million bushels...So we're back to really watching what the Trump Administration will be doing in terms of Chinese trade tariffs."
The USDA raised U.S. corn end stocks by 45 million bushels due to a cut in ethanol production.
He adds the final numbers for the summer row crops will be included in the January report, along with the first estimate of U.S. winter wheat seeding.
Send your news tips, story ideas and comments to [email protected]