Good morning,
Corn is up 5 and soybeans are up 9 to start the morning. Favorable weather over the weekend and forecasts for rain in most areas of the Midwest will keep things under wrap early this week. We do have the July WASDE report released at 11am today. My guess is that this report will not be a market mover as I only expect them to update the acres and not adjust yield until the August report. (Estimates below)
The additional acres will be added to corn today, which will increase the carryout. All other adjustments should be minor. This report is not a big one, and we do not expect anything bearish. The market has been washed out hard in corn over the past week, so we think we try and close higher today.
2020/21 Ending Stocks (million bu)
July 12 | Average Est. | Previous Report | |
Corn | 1.082 | 1.092 | 1.107 |
Soybeans | 135 | 135 | 135 |
2021/22 Ending Stocks (million bu)
July 12 | Average Est. | Previous Report | |
Corn | 1.432 | 1.304 | 1.357 |
Soybeans | 155 | 140 | 155 |
Wheat | 665 | 719 | 770 |
Have a Safe Day!
Garry Gard
920-348-6844