WASDE Report 2.08.23

• 22/23 Corn Ending Stocks were increased 25 mln bu, right in line with trade expectations. Arg corn production was reduced 5 mmt, just below average trade guess

• 22/23 Bean ending stocks increased 15 mln bu, toward the high end of estimates. Bzl bean production left unchanged and Arg production decreased 4.5mmt, both in line with trade estimates.

• Overall, neutral to corn and wheat, slightly bearish to beans. Corn unchanged, beans -7, wheat +2 at the moment.