Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Corn trading near contracts lows as we await todays USDA information. Export inspections landing firmly in the middle of the ave. trade estimate at 658.4. Mexico bought 110tmt. Trade estimates expecting ending stocks at 2.478, slightly lower than Nov’s 2.487. Global stocks expected to decrease slightly as well. Report will be released at 11 pm CST.
Soybeans: As of 7:45- 2 lower
A favorable forecast for Argentina pressured soybeans yesterday. Export inspections falling towards the lower end of the expectations at 1229.8. Export sale of 132tmt to unknown yesterday as well. Estimates ahead of this morning report have US stocks growing slightly to .438 from Nov’s .425. Argentine estimates expected to lower slightly while Brazilian expected to grow slightly. Don’t be afraid to have targets working in case the we see something unexpected.
Wheat: As of 7:45- steady
Wheat continued to slip yesterday as we could find support from export inspections. Inspections reported at 316.867, which was on the low end of expectations. As far as today’s USDA report estimates US stocks expected to change very little with estimates of .938 vs. .935 in Nov. World carryout expected to change very little as well.