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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

ggard@didioninc.com