Nov 6, 2017
Grain Marketing Specialist
Corn: As of 7:45 Up 1
Corn still range bound to open up trading for the week as Dec is up a 1 ½ at 349 3/4 . We have been able to touch this but struggles to trade about it. USDA report this week: so far trade is looking for corn yield to go up..172.4bpa is ave guess, USDA was 17.18bpa in October. Average carryout estimate is 2.366bbm up from 2.340bb in October. But some, feel demand will go up with reduce carryout. US ethanol and DDGs exports. Canada biggest buyer of ethanol, Mexico and EU for DDGs. Harvest is pegged to be around 70% done.
Soybeans: As of 7:45 Up 2
Seeing a bump on the overnight session as beans were mixed on the close but managed to do it in positive territory. Jan contract closed 2 at 988 ¾. average trade guess on USDA bean yield is 49.3bpa, down .2bpa—despite other privates expecting an increase. Carryout expected to be down slightly from the 420mb in October. Brazil planting is estimated at 43% according to Agrural, behind the 5 year average by about10%. Mato Grosso is 61% complete.
Wheat: As of 7: 45 KC Up 2 ½ Mpls U 3 ¼
Due to negative fundamental news, all 3 classes of wheat closed the overnight higher. Mpls closed at 628 and KC at 429 respectfully. for this week’s USDA: average carryout guess is 957mb, down 3mb from Oct. World wheat carryout also expected to decline slightly. Market still seems to be trading last week’s IRAQ sales.