Markets are sharply lower this morning with corn down 5 and soybeans down 9 and wheat down 8. Last night’s crop conditions ratings from NASS showed the nations corn crop at 72% G/E compared to the five year average of 66%. 92% of the crop is in the silking stage while 39% is in the dough stage. Soybeans came in at 73% G/E with 85% blooming and 59% setting pods. All of these are ahead of the five year average.
StoneX (FC Stone) estimated that the corn yield would be a record 182.4 bpa and beans a record 54.2 bpa. If realized the corn yield would add more than 325M bu. and 365M bu. in bean production to the balance sheets. For corn that would mean that it’s carryout would top 3B and beans in excess of 700M bu. While the corn estimate was 2% over trend, the bean estimate was nearly 9% over trend and an outright bearish figure.
Hand Sanitizer – Didion has hand sanitizer available in large containers (55gal drums). If you or your business is in need or you know of someone who could use larger quantities, please contact Garry Gard at 920-348-6844 for more details.
Have a Safe Day!