October 10, 2014
Producer Marketing Manager
USDA Supply/Demand Report is out at 11 am……Markets are all lower this morning.
CORN: As of 7:45 – Down 5
Average trade guess for 14/15 U.S. corn production is 14.523 Billion bushels. Carryout looking for 2.14 Billion Bushels. Watching world stocks and production as well. As the map shows below, there are many countries that have corn and feed grains for sale at very competitive numbers.
SOYBEANS: As of 7:45 – Down 10
Beans were higher yesterday in front of todays report, but they are having a hard time gaining much momentum technically as we bump our 20 day moving average (and we are in the middle of harvest). Average trade guess for 14/15 production is 3.97 billion bushels and a carryout of 478 million bushels.
WHEAT: As of 7:45 – Down 4
Average carryout guess is for all wheat it 704 million bushels, up slightly from Sept. Watching Australian production as well…..USDA has them at 25.5 MMT and others are looking at less.