Good morning,
Corn is down 2 and soybeans are down 7 in the overnight trade.
The USDA will release a lot of reports on Friday at 11am including the USDA WASDE, Crop Production, Quarterly Grain Stocks. Trade estimates for the reports were released and as expected, wide ranges are seen for December 1 U.S. stocks, U.S. corn & soybean production, and South American corn & soybean output. The average trade guess calls for no change in the U.S. corn & soybean yield. For December 1 U.S. stocks, the consensus is for grain stocks to expand from a year ago and soybean inventories to contract.
The average guesses for Friday’s report are listed below.
USDA 2023 Harvested Area (Million Acres)
| USDA Jan. 2024 | Average Estimate | USDA Nov. 2023 | |
| Corn | 87.036 | 87.096 | |
| Soybeans | 82757 | 82.791 |
USDA 2023 Yield (Bu/Acre)
| USDA Jan. 2024 | Average Estimate | USDA Nov. 2023 | |
| Corn | 174.9 | 174.9 | |
| Soybeans | 49.9 | 49.9 |
USDA 2023 Production (Billion Bushels)
| USDA Jan. 2024 | Average Estimate | USDA Nov. 2023 | |
| Corn | 15.226 | 15.234 | |
| Soybeans | 4.127 | 4.129 |
USDA 2023/24 Carryout (Billion Bushels)
| USDA Jan. 2024 | Average Estimate | USDA Nov. 2023 | |
| Corn | 2.105 | 2.131 | |
| Soybeans | .243 | .245 | |
| Wheat | .658 | .659 |
South American 2023/24 Production (Million Tonnes)
| USDA Jan. 2024 | Average Estimate | USDA Dec. 2023 | |
| ARG Corn | 54.8 | 55.0 | |
| ARG Soybeans | 48.9 | 48.0 | |
| Brazil Corn | 125.3 | 129.0 | |
| Brazil Soybeans | 156.3 | 161.0 |
Producers should get firm offers in place with buyers ahead of Fridays report. Historically this report is a market mover. Don’t be surprised to see some major moves higher or lower on Friday.
Have a Safe Day!
Garry Gard
920-348-6844
