Grain Marketing Specialist
Corn: As of 7:45- 1 higher
The release of the USDA WASDE report at 11 yesterday could accurately be described as neutral or uneventful. Very few changes made domestically here an uptick of 50 mbu of demand shrinking stocks to 2437 which is still plenty adequate. On the world front ending stocks at 204.08 seen as neutral to bearish as well. The report not giving us anything to beak us out of this range of 3.47 to 3.60 as we work into the holidays.
Soybeans: As of 7:45- 3 higher
WASDE report gave little to get excited about as well. Domestically we dropped exports by 25 and increased seed use by 5, netting an increase of 20 to 445 of ending stocks. This fell higher than the average trade estimate but still well within the range. World stocks increasing as will to 98.32 again slightly higher than the average trade estimate but still well within the range of expectations. So, for now look for us to get back to trading SA weather. Moisture remains in the 6-10 but temps looks to increase as well.
Wheat: As of 7:45- 3 higher
Little changes made for the wheat complex as well. The only tweak was made by lowering exports by 25 mbu. This in turn raised ending stocks to 960 or a 45.5% stock to use ratio. Minor changes to the world stocks as well at 268.42.