12/8/23: Another cargo of SRW to China reported this morning.  Rumors swirled yesterday that the buying had continued, reason why boards pushed higher at the close yesterday wiping out the previous day’s loss.  Reaction this morning was muted with moderate upside after trading the news yesterday.  At 9 AM Pacific the USDA reports came out.  SRW exports were increased noting the sales to China this week.  Ending stocks for SRW were decreased 30 million bu as a result.  Overall domestic wheat ending stocks were lowered 25 million bu.  HRW DNS and Durum ending stocks all remained the same, while SWW ending stocks were raised 5 million bu noting a lack of export demand.  Corn ending stocks dropped from 2.156 billion bu to 2.131 billion bu, small enough to consider almost unchanged.  Domestic Soybean ending stocks were held unchanged from the previous report.  World ending stocks on wheat corn and beans were all also held essentially unchanged.  Brazil and Argentina row crop production was also held unchanged except for a 2 million bu drop in Brazilian Soybean estimates, 163 to 161 mbu.  Pretty big snoozer of a report, market is reacting bearishly since its been published with Chicago wheat down a dime, HRW and DNS futures off a nickel so far.  Corn off the highs floating around $4.85 March futures.

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