Good Morning,
Yesterday’s USDA S&D numbers are in the books and did little to move the markets. Corn carryout was increased for both the 2017/18 and the 2018/19 harvest years. Soybeans were reduced in both with 2018/19 coming in well below the trade estimates. (charts below)
The markets are lower in all commodities this morning as traders discount yesterday’s reports and shift their focus back to weather and political factors. Despite some major delays in MN, ND, SD traders are looking at long term forecasts which show weather changes coming this weekend. Weather is also looking better for Argentina and Southern Brazil which should offer some much needed help.
17/18 Ending Stocks (Billion Bu)
USDA MAY AVE. ESTIMATE USDA APRIL
WHEAT 1.070 1.065 1.064
CORN 2.182 2.178 2.182
SOYBEANS .530 .541 .550
18/19 Ending Stocks (Billion Bu)
USDA MAY AVE. ESTIMATE USDA APRIL
WHEAT .955 .930 NA
CORN 1.682 1.628 NA
SOYBEANS .415 .535 NA
Have a Safe Weekend!
Garry Gard
920-348-6844
ggard@didionmilling.com
