October 12, 2017
Producer Marketing Manager
USDA Supply/Demand report is out at 11 am today! Export sales are delayed until tomorrow due to Monday’s holiday.
CORN: As of 7:45 – Steady
Corn futures were down 3 cents yesterday on pre-report positioning as the market is anticipating more corn. Average trade guess on ‘17/18 nationwide corn yield is pegged at 169.7 (range from 167 to 171.2) this compares with 174.6bpa last year. The average carryout projection for 17/18 is 2.249, slightly less than 2.335 we were shown last month.
SOYBEANS: As of 7:45 – Up 2
A fairly narrow trading range of 4 cents yesterday left the market down ¾ of a cent yesterday. The trade is anticipating a little tighter ending stocks number on beans at 453 million bushels, we were shown that at 475 in the Sept report. Hearing chatter that some Brazilian beans traded for Nov at a $0.28/bu premium over PNW equivalent….mentioned quality (protein and oil content) as a reason for fetching that premium in the midst of good US stocks here at harvest time.
WHEAT: As of 7:45 – Mpls Steady, KC Up 1
Australian wheat crop moves toward maturity and harvest…most private estimates have them at a sub 20mmt crop and shrinking with the dry weather. In Sep was 22.5mmt and most are expecting them to drop that in today’s report. The trade is looking for wheat carryout to grow slightly over last month.