October 9th , 2015
Grain Marketing Specialist
USDA Crop Production Report out today at 11 A.M. Speak to your nearest Grain Marketing Specialist to get your targets in and working.
Corn Up 2 as of 7:45
December corn closed lower yesterday with second thought emerging ahead of today’s WASDE report.
Export sales yesterday were pegged at 519,700 MT, down 31% from the previous week. The average trade guess for today’s USDA corn yield is 166.7 bpa compared to 167.50 from Septembers report. World carryout on corn is estimated at 188.73 mmt compared to 189.69 mmt in September.
Soybeans Up 3 as of 7:45
November beans closed lower yesterday showing more concern as today’s report approaches. Export sales for beans Export sales for beans were 1,284,600 MT, with the bulk of that being China and unknown. Last month US bean yield was pegged at 47.1 bpa, the average yield estimate for todays report is 47.2 bpa according to surveys. Last years crop was pegged at 47.8 bpa. World carryout on soybeans is guessed at 84.41 mmt today, last month USDA pegged the world carryout at 84.98 mmt.
Wheat Minneapolis Unchanged Kansas City Unchanged to Up 1 as of 8:45
Wheat futures closed lower on the day after a positive morning trade. Export sales were reported at 288,200 MT, within the range of trade estimates. The US wheat carryout average guess for today report is at 819 million bushels compared to last months 875 million bushels. Dry weather still remains a big concern in Ukraine Russia and Australia.