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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

ggard@didioninc.com