Grain Marketing Specialist
Corn: As of 7:45- 1 lower
A modest close higher yesterday after trading lower overnight and into the morning on light short covering. The focus today will be the release of the USDA WASDE estimates at 11 am cst. Average estimates have US ending stocks growing to 1.870 from 1.837 last month, based mostly on lowered exports. World carryout expected to grow to 209.08 MMT from the 208.81 MMT of last month.
Soybeans: As of 7:45- steady
Firm close for soybeans yesterday as USDA announced sales of 70,000 MT for each old and new crop to unknown and 110,000 MT for 16/17 to China. Estimates for today’s reports have US carryout growing to 452 vs. 450 from last month with some privates estimating as much 470. Mostly on a reduction of export business. World carryout estimated to grow to 80.89 MMT from 80.42 MMT last month.
Wheat: As of 7:45- 1-2 lower
Wheat closed higher again for the 5th straight session yesterday on continued short covering and technical buying. For today the focus will be on the USDA report and large US and World stocks will be thrust to the forefront again. US wheat carryout expected to grow to 975 for 966 last month, with some estimating to exceed the billion mark. World carryout to decrease slightly to 238.77 from 238.87 last month.