Grain Marketing Specialist
Quarterly Stocks and Prospective Planting Report out today at 11:00 AM
Corn - down 2
Awaiting the report at 11:00. Average trade estimates for corn acreage, 88.9 million acres vs. 90.6 million last year. Estimate for U.S. corn stocks, 7.609 billion bushels vs. 7.008 billion last year. Export inspections came in yesterday below the trade estimates (31.5-37.4) at 30.0 million bushels, well below the 42 million needed each week to meet USDA numbers.
Soybeans - down 4
Quiet trade, waiting on report out today. Trade guessing 2.4 million more acres than last year. Export inspections came out yesterday towards the high end of trade estimates at 24.1 million bushels, 5 million more than last week. China being the largest buyer. Cumulative loadings still 10% over last year with USDA forecasting annual exports up 8.6%.
Wheat - MW-down 3 ,KC-down 4
Yesterday wheat was sharply higher as fund short covering hit the market due to dry/warm weather maps for the southern plains HRW areas and wet cool maps for SRW areas that can damage quality and yield. Weekly US export inspections came in below trade estimates (14.7-20.2) yesterday at 12.7 million bushels. Cumulative loadings down 28% from a year ago with USDA forecasting annual exports down 24%. Trade estimate for all wheat acreage, 55.6 million vs. 56.8 last year.
For the latest information regarding the proposed unification between NCFE and WG go to growingtogether.coop.