Good Morning,
Additional technical selling in corn, beans and wheat yesterday as traders continue to unwind their long positions with good crop ratings and favorable weather. Yesterday’s weekly corn ratings dropped 1 point to 77% G/E which compares to 67% last year and 70% for the 5 year average. Wisconsin remained unchanged from last week at 91% G/E. The early condition of this years crop is going to make it very difficult to rally this market, which is why I believe producers should have firm offers in just above the market for old and new crop corn. Producers should have 70-80% of their old crop sold and 40-50% of their new crop booked at this point. Sales for the 2019 crop of 10% are also recommended.
The USDA S&D report will be out at 11am today. Below are today’s estimates. Check back shortly after 11 for the real numbers.
USDA 2017-18 ending stocks (billion bu)
USDA June 12 Ave Est. USDA May
Corn 2.166 2.182
Soybeans .522 .530
Wheat 1.079 1.070
USDA 2018-19 ending stocks (billion bu)
USDA June 12 Ave. Est. USDA May
Corn 1.663 1.682
Soybeans .417 .415
Wheat .958 .955
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didionmilling.com
