Summit Commodities market analyst Tim Marsh says the December USDA report was as expected. “It’s not unusual for the USDA to hit reprint for the supply and demand report on corn and soybeans. We don’t have an updated crop production report for U.S. corn and soybeans in December, only updated demand numbers.” Taking a closer look at the wheat supply story, Marsh says the world carryover on wheat went up about 2.4 million tons from what was reported in November. “U.S. prices are high enough where export sales of U.S. wheat for this time of the year is the worst it’s been in 40 years.”
