Dec 11th 2012
Grain Marketing Specialist
The main focus will be the release of the USDA Dec WASDE report this morning
Corn: As of 7:45- unchanged
There was nothing changed in US Dec balance sheet from Nov. Ending stocks remain at 647 vs. an average trade estimate of 666. Trade was anticipating a decrease in exports and a slight increase in feed use. The World ending stocks did slightly decline to 117.6M vs 118 previously. Waiting now for the Jan report to give us some direction.
Soybeans: As of 7:45- 2higher
US Soybean ending stock estimates declined 10 to 130 vs 140 in Nov and average trade guess of 133. This came entirely from an increase in crush from 1560 to 1570. All other portions of balance sheet remained the same. World ending stocks are down just slightly to 59.9 from 60 in Nov report. No big surprises reestablishing the tight US balance sheet.
Wheat: As of 7:45- Winter down 8/ Spring down 3
Wheat showed a increase in ending stocks at 754 vs 704 in Nov and a average trade estimate of 718. His increase came entirely from a decrease in exports. World wheat stocks at 655.1M vs. 651.4M in Nov. No real surprises this should limit any significant rallies following corn.