Grain Marketing Specialist
Export sales out this A.M.
Corn Up 3 as of 7:45
The USDA WASDE report put the pressure on the corn market yesterday as December corn lost 13 ½ cents on the day. The report out yesterday put 2016 production to a record high of 15.23 billion bushels and increased yield to 175.3 bushels per acre up from Octobers number of 174.3 bushels per acre. The weekly ethanol production report showed production down 20,000 barrels per day, and stocks down 2.6%.
Beans Up 17 as of 7:45
January soybeans ended the day down 20 ¼ cents after the USDA increased its yield estimate and production number. The WASDE Report yesterday put yield estimate on beans at 52.5 bushels per acre from 51.4 bushels per acre. The production estimate was raised to 4.36 billion bushels from 4.27 billion bushels. The report yesterday was a bearish report with yield and production being raised, but US exports are 22% higher than a year ago and that is not reflected in the USDA’s numbers.
Wheat Minneapolis Up 4 Kansas City Up 3 as of 7:45
December Minneapolis Spring Wheat was the only commodity to end the day in the green yesterday up ½ cent. December Kansas City Winter Wheat ended the day down 7 ¼ cents. USDA increased its estimate of U.S. ending wheat stocks from 1.138 billion bushels to 1.143 billion bushels after a 5 million bushel reduction in food demand. USDA's estimate of world ending wheat stocks increased from 248.37 million metric ton to a slightly more-than-expected 249.23 million metric ton as anticipated crop reductions for India, Canada, and Australia did not come through.