Prices are mostly lower following a rather boring session overnight. Outside markets are relatively quiet. Corn is down 1, beans down 2 and wheat off 2. The funds will spend the next three days preparing for Friday’s final production figures and December 1 stocks reports from the USDA. The funds are currently short 91,000 corn and 6,000 bean contracts.
When we finally get a look at the numbers the average guess on corn ending stocks is expected to come in just under 2 billion bu. and just over 500 million bu. for beans. Both numbers would be modest increases from the USDA’s last estimates in December as lower exports offset any reductions in yield. Corn exports, in particular, have disappointed this year as reduced competition from South America and a rise in prices out of the Black Sea did little to spur any additional export sales.
If you have not been marketing old and new crop bushels I would strongly suggest you step to the plate. Uncertainty in the markets are the only guarantee we have at this time. Be sure to get sales on the books and offers in with your buyers before Fridays USDA report. I would advise active selling of both old and new crop corn at current levels. This years crop left a lot to be desired when it comes to quality.(light TW and Higher Foreign Material) Bins should be cored and monitored more frequently this year to prevent grain going out of condition.
Have a Safe Day!