Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Export sales yesterday ended up less than expected and along with harvest pressure this market looks to be on the defensive going into this morning’s USDA stock report. Any surprise will like come from feed usage as the corn/wheat ratio has had some influence. Average guess at 1.754 bbu. Report will be released at 11.00 am cst. Early yield reports indicate the 174 national ave. possible.
Soybeans: As of 7:45- 2 lower
Solid weekly export sales and an announcement of another 120,000 sale to China kept beans in positive territory yesterday. Till hearing a lot of “better than expected” type of yields making many wonder if we will exceed production estimates. For the morning we look to be in wait and see mode for the 11 am report release. Ave estimate at .200 bbu.
Wheat: As of 7:45-steady to 1 lower
Little new news for wheat these days with the focus on row crops. Weekly exports sales good be described as just OK. We will wait and see at 11 with feed usage being debated and what kind of impact we will see. Ave. trades estimate at 2.438 bbu..