December 9, 2016
Grain Marketing Specialist
The USDA WASDE report is out at 11:00 AM today!! Be sure to get your targets in and working!
CORN: As of 7:45 up 1
Yesterday the nearby march contract closed down 4 cents positioning ahead of today’s USDA report. In today’s report analysts expect corn carry out to be 2.413 bln bushels. Up slightly from last month’s 2.403 bln bushel carryout and the expected range would be somewhere between 2.364 – 2.584. Yesterday we saw outside markets influence our US dollar which drove it higher making it hard for commodity markets to hold on to any gains to the plus side.
SOYBEANS: As of 7:45 up 5
The selloff in beans yesterday drive the market down 22 cents on the nearby contract. Soybean oil, veg oil, and Malaysian palm oil were all down yesterday putting bearsh pressure on the bean market. Analysts expect the bean carryout to be 470 mbu vs .480 mbu last month. Slightly lower with the strong exports we have had from China this fall. The expected range is from .428-.500 mbu. USDA announced a sale this morning of 132 tmt to an unknown destination in 16/17 marketing year.
WHEAT: As of 7:45 Minneapolis unchanged Kansas down 1
Wheat closed to the upside yesterday, pulling support from India cutting their import tax from 10% to 0%. We saw some short covering early on in the day. In today’s USDA report the expected carry out for wheat ranges from 1.030-1.1897 bbu. Analysts are expecting a slight decrease from last month’s 1.143 bbu. carryout