Markets are all over the board this morning with traders moving ahead of the 11am report. Corn is currently up 3 and soybeans are down 6.
The USDA Crop Report is out today at 11:00 Central. Only minor adjustments are expected as this report has little bearing on the markets. South American production doesn’t move very far this early and those crop sizes are expected to be unchanged. Traders are looking for a small reduction in bean and wheat exports, with an increase in the corn grind from ethanol.
Total U.S. ethanol fuel production rebounded to 1.090 million barrels per day on the seven days ending December 3rd, up from 1.035 mln bpd the week prior, and 991k bpd on the comparable week last year. Cumulative output since Sept 1 continues to rise, now up to an average of 1.023 mln bpd; if that number keeps up with previous seasons (and ‘19/20 pre-pandemic) to hit even 1.040 mln bpd by the end of Aug, that would indicate corn use for ethanol around the 5.5 bln bu mark—250 million bu above the current USDA est.
Here are todays trade estimates:
USDA 2021/22 US Grain Ending Stocks (million bu)
|USDA Dec.||Ave. Est||USDA Previous||Previous Year|
USDA 2021/22 World Grain Ending Stocks(million tonnes)
|USDA Dec.||Ave. Est.||USDA Previous||Previous Year|
Check back after 11am for updated numbers.
Have a Safe Day!