Report day and there could be a lot of news in today’s report. Corn is expected to be bullish as exports have been close to record as of this date and feed use has been strong. Ethanol grind is expected to be reduced today, but yield is expected to be down about a bushel. South American corn production is expected to rise back to trend line yield levels or above.
Soybeans will have a bearish carryout number, but stocks are expected to gradually decrease if we can add new sales to China. The US has booked 400 million bushels of sales to China since the last report.
Here are the average estimates for today’s report. Check back at 11am for today’s numbers.
2018 Crop Production (Billion Bu)
USDA Feb Ave. Est USDA Nov.
Corn Yield 177.9 178.9
Production 14.532 14.626
Soybean Yield 51.8 52.1
Production 4.569 4.60
2018/19 US Ending Stocks (Billion Bu)
USDA Feb Ave. Est. USDA Dec.
Wheat .989 .974
Corn 1.708 1.781
Soybeans .926 .955
Have a Safe Day!