November 11, 2015
Grain Marketing Specialist
Thank you to all our Veterans.
Corn: Up 2
Firm all night after an unfriendly report yesterday. The USDA stated production at 13.654bb, above the average trade guess of 13.579. Yield was almost a bushel higher than the average trade guess of 168.4, at 169.3. 2015/16 carryout 1.760bb, well above the average trade estimate of 1.597. Brazil’s corn export lineup is estimated at 6 to 7mmt. World Carryout is at 211.9mmt (chart below).
Soybeans: Up 4
Also higher all night after the crop report was bearish for soybeans as the USDA put production at 3.981bb, above the average estimate of 3.915. Yield was 48.3, higher than the average estimate of 47.5. Carryout for 2015/16 was also higher than the average estimate of 436mb at 465mb. Brazil’s independent truckers remain on strike, but doesn’t seem to be effecting the market.
Wheat: Up 4
Wheat followed row crops yesterday hitting new contract lows in both MWZ and KWZ as reaction to an ending stocks increase of 50mb to 911mb, above the average estimate of 877mb, the second largest US carryout since 1999. World carryout is at 227.3mmt. We are still at a 45.1% stocks to use ratio.