Markets are a little higher to start the day with what looks to be some short covering ahead of tomorrrow’s report. Corn is up 3 and soybeans are up 2.
Crop ratings last night dropped 1% to 71 percent good to excellent for corn. Beans increased 1% to 74% good to excellent on of the highest ratings on this date ever. Nass ratings suggest corn and bean yields at 5 plus percent above trend. Some expect a major increase in yield on tomorrow’s crop report. WASDA will use some combinations of vegetative grow and average ear weights. FSA will also release acres that have been certified this year tomorrow. We will get to see from year to year data changes. Prevent plant acres will also be in the report.
Trade average guess for the US 2020 corn crop is 15,170 mil bu with a range of 14,915-15,401. The average trade guess for US 2020 beans are 4,258 mil bu with a range of 4,135-4,399. Average trade guess for wheat is 1,833 mil bu with a range of 1,799-1,856.
The average guess for corn carry out is 2,800 mil bu with a range of 2,622-3,061. The guess for soybeans is 525 mil bu with a range of 430-689. The trade guess on wheat is 947 mil bu with a range of 899-1011.
Get your sales made and firm offers in place ahead of tomorrows report. Expectations are for the markets to continue to trend lower with a big crop on the horizon.
Have a Safe Day!