Markets are lower this morning with corn down x and soybeans down x. Fridays report came as no surprise to most traders as yields were lowered in corn, but ending stocks were higher than estimates by 27 million bushels due to lower ethanol and feed use. Corn yield dropped from 178.9 to 176.4 bpa. Soybean yield dropped from 52.1 to 51.6 bpa. Corn carryout is projected at 1.735 billion bushel compared to 2.140 billion in 2017/18. Soybean carryout is projected at 910 million bushel which is more than double the 438 million bushel in 2017/18.
South America remains ideal to finish out the growing season as regular rain is forecast for most of Brazil and Argentina is expected to dry out next week. There is a chance for rain in Argentina in the ten day forecast that could finish their crop on a high note. Brazilian harvest is 26% complete.
President Trump is considering another shutdown of the Federal Government that would have a deadline of this Friday if his demands are not met by democrats.
Have a Safe Day!