Grain Marketing Specialist
Yesterday gave us a mixed trade of a moderately higher soybean market, lower wheat complex and little movement for corn as we move into today’s crop report. USDA WASDE report released at 11 AM CST and is expected to have little surprises for the 16/17 balance sheet but what could be interesting is estimates for 17/18 as that has been less defined until today. I would suspect we trade the report in immediate time following the release and move back to focusing on weather, planting pace and conditions again. As always reports can bring volatility so have your targets working….
Average trade estimates below (in billion bushels):
US Corn carryout: 16/17 - 2.326 with a range of 2.269-2.5, 17/18- 2.212 and a range of 1.835-2.4
US Soybean carryout: 16/17- .438 with a range of .417-.466, 17/18- .555 and a range of .420-.759
US Wheat carryout: 16/17- 1.162 with a range of 1.145-1.2, 17/18- 1.014 and a range of .842-1.32
Weather- 5 day forecast still shows moisture for some of the already wet areas leading to continue concern of planting delays. 6-10-day forecast looks a little more conducive for progress for the east and some much needed above average moisture for the north-western areas of the corn belt. As always stay tuned….
Corn: As of 7:45- 1 higher
Soybeans: As of 7:45-steady
Wheat: As of 7:45- 1 to 3 higher