Nov 9 2017
Darren Wilcox
Grain Marketing Specialist

USDA Supply and Demand Report today @ 11am.

Corn: 2-5 Lower

A little pop on the overnight ahead of the report this morning. Corn still range bound around that 3.50 mark or lower. Estimates for tomorrow’s USDA WASDE report call for an increase in corn yield to 172.4 bpa from 171.8 bpa in the October report. The average production estimate comes in at 14.333 bbu, up from 14.280 bbu in the October report. Ending stocks are expected to come in at 2.366 mln bu vs. 2.340 mln bu in the October report. Weekly ethanol data shows that for the week ended November 3rd, ethanol production averaged 1,057 thousand barrels per day compared to 1,056 thousand barrels per day in the week prior. Stocks data showed a 129,000 barrel draw to 21.325 million barrels.

Soybeans: 3-5 Higher
Tight window on overnight trade with a firmer tone ahead of today’s USDA report as Jan gets above $10.00 to highest level since 10/20. The 10/13 high on SF is $10.13. Support coming from expectations for USDA to lower production, yield and carryover stocks. · Estimates for tomorrow’s USDA WASDE report call for a reduction in soybean yield to 49.3 bpa from 49.5 bpa in the October report. The average production estimate comes in at 4.408 bbu, down from 4.431 bbu in the October report. Ending stocks are expected to come in at 420 mln bu vs. 430 mln bu in the October report.

Wheat: Mixed
Mpls led the way again on the overnight session. Mpls was up 11 with KC only up fractionally. In the Supply and Demand report, the average estimate for US wheat ending stocks is almost unchanged at 957 million bushels from the October report. Aussie is seeing harvest, Russia remains competitive.