Good morning,
Corn and soybeans are both trading about 3 cents higher this morning as we await the USDA report at 11:00am.
Here are the estimates for today’s report:
USDA 2023/24 Carryout (billion bushels)
| USDA May | USDA April | Average Estimate | |
| Corn | 2.022 | 2.122 | 2.100 |
| Soybeans | .340 | .340 | .339 |
| Wheat | .688 | .698 | .696 |
USDA 2024/25 Carryout (billion bushels)
| USDA May | USDA April | Average Estimate | |
| Corn | 2.102 | NA | 2.284 |
| Soybeans | .445 | NA | .431 |
| Wheat | .766 | NA | .786 |
USDA 2023/24 South American Production (million tonnes)
| USDA May | USDA April | Average Estimate | |
| Argentina Corn | 53.0 | 55.00 | 52.14 |
| Argentina Soybeans | 50.0 | 50.00 | 49.61 |
| Brazil Corn | 122.0 | 124.00 | 122.40 |
| Brazil Soybeans | 154.0 | 155.00 | 152.63 |
The weather outlook for the next 7-10 days has shifted slightly to the drier side which should allow planting progress to remain on pace with the 5 year average. Look for Monday afternoons progress to show minimal change from the average.
Have a Safe Day!
Garry Gard
920-348-6844
