February 5, 2019
Corn and beans are both down a couple cents this morning and wheat is down 4. There is a lack of fresh news with Asia closed to celebrate the Lunar holiday and before Fridays WASDE report from the USDA.
President Trump will speak to the nation this evening in the first State of the Union address of 2019. It will likely include an upbeat message regarding the renegotiating of agreements with major trading partners like the USMCS and the recent success in the negotiations with China. The hope is that things will continue to progress and we can get a new signed trade agreement in place by the end of February.
Friday we get a look at the February S&D report from USDA after January’s was skipped due to the government shutdown. The average guess has total corn production coming in around 14.5B bu. last year on 81.7M acres, for an average yield of just under 178 bpa. All those numbers would be down slightly from the last USDA report in November. Soybean production estimates are expected to be near of 4.57B bu. on 88.2M acres with an average yield of 51.8 bpa. USDA’s November estimates were for 4.600 billion bushels with average yields of 52.1 bpa.
Don’t forget to make sales and get firm offers in with your buyers ahead of Fridays report.
Have a Safe Day!