Prices are mixed with corn and beans trading higher and wheat down a couple. Soybeans are getting a boost from a report on Bloomberg that USDA Secretary Perdue indicated that the US is unlikely to impose new tariffs on China come December 15th. Outside markets are quiet with the US House expected to go ahead with approval of the USMCA trade agreement. The USDA’s December crop report is due out at 11 am CST.
Typically the December report is one of the least exciting of the year and I expect them to leave any major adjustments to US production for the January report. There may be some tinkering with the corn exports, but really there shouldn’t be any real big surprises.
Ending stocks for corn are estimated at 1.859 billion bushel for December compared to 1.910 in November. Soybean stocks are estimated at 472 million bushel compared to 475 million in November.
While soybeans finished off of their highs yesterday, it was a good start to the week as the soybeans continue to try and erase the loses of November here in December. With harvest coming so late for many this year it was as if we made our harvest lows during Thanksgiving. Pulling the tariffs is a good thing, but many traders remain wary after having been burned so many times.
Corn harvest was reported at 92% complete nationwide vs 89% last week and 100% historically. Wisconsin came in at 74% complete compared to 66% last week and 95% historically.
Have a Safe Day!