November 10, 2015
Grain Marketing Specialist
Crop Production report out today at 11 AM. Contact your local grain marketing specialist to get your targets working.
Corn: Down 1
Corn was hit hard again yesterday as funds sold an estimated 11,000 contracts. 93% of the crop is now harvested compared to 85% last week. Average trade guess for carryout is around 1.597bb, production is 13.579bb and yield around 168.4 bpa. US export inspections once again poor at 11.6 mb as we continue to run behind the USDA expected pace of 36.8mb needed weekly.
Soybeans: Down 2
95% of the soybean crop is harvested compared to 92% last week. Brazil gets rain and that crop is off to a good start. USDA announced yesterday 120tmt to unknown and 236tmt switched from previous unknown to China. The average guess for the USDA report: Production at 3.915bb, yield at 47.5bpa and carryout of 436mb.
Wheat: MW Up 1, KC unchanged
Values collapsed yesterday on continued slow export inspections; cumulative shipments are 18% below last year. US winter wheat is now at 51% good/excellent, 2% higher than last week. Ukraine, Russia and Black Sea may have some dryness concerns on the winter wheat, but won’t know for sure until spring. The average trade estimate for the 2015/16 US ending stocks is 877 million bushels versus the previous USDA number of 861 million. World production is expected near 227.82mmt