October 11, 2016
Producer Marketing Manager
October USDA S/D Report is to be released tomorrow at 11 am.
CORN: As of 7:45 – Down 1
The average trade estimate for the size of the U.S. corn crop in tomorrow’s WASDE report is 15.040 billion bu, slightly lower than the Sept number 15.093. Carryout is estimated at 2.362 billion bushels, again slightly lower than the Sept carryout figure. The Dec corn contract is bouncing between the $3.40 and $3.50 mark after testing the $3.49 area last week.
SOYBEANS: As of 7:45 – Up 1-2
The average trade estimate for the U.S. soybean crop is 4.277 billion bu, compared to 4.201 in the Sept WASDE report. Carryout is estimated at 415 million bu, up from 365 in Sept on better than expected yield reports. China is back from holiday…..will they be big buyers this week? The Nov bean contract continues to struggle with overhead resistance at the 50 and 20 day moving averages…….
WHEAT: As of 7:45 – MPLS Up 1, KC Down 1
Cold and snowy weather hindering the last 10% of spring wheat harvest in Canada. Some chatter out of Ukraine that winter seedings will be down significantly on drought conditions. Crop progress reports will be out today due to yesterday’s holiday.