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Good morning,

 

Corn is up 2 and soybeans are up 12 to start the day.

 

Heavier rains are forecast in Mato Grosso next week, light amounts fell this week.  Southern Brazil continues to see heavy rains which will extend into next week.  Temperatures have been pretty warm this week with a few hot spots on the heat maps.

USDA December report will be released at 11am today. Estimates are listed below.

 

USDA 2022/23 Carryout (Billion Bushels)

December Average Estimate November
Corn 2,131 2,157 2,156
Soybeans 245 242 245
Wheat 659 684 684

 

 

USDA 2023/24 South American Production (Million Tonnes)

December Average Estimate November
Argentina Corn 55.0 54.83 55.0
Argentina Soybeans 48.0 48.20 48.0
Brazil Corn 129.0 127.0 129.0
Brazil Soybeans 161.0 160.16 163.0

 

As for what happens today on the USDA report, probably not a lot.  Exports have been good, but it’s the first quarter, so maybe no adjustments are needed today.  We may see some adjustments to Brazil’s yields, but it’s early in the season so that could be delayed.  There are also not a lot of changes made to US carryout on this report, most years it just stays the same. The January 12th report is where we typically get the market to move. This year that January report could result in lower markets if they increase production like I am expecting.

 

Have a Safe Day!

 

Garry Gard

920-348-6844

ggard@didioninc.com