Good Morning,
Corn and soybeans and wheat are all slightly lower this morning as traders look to remain neutral or remove some longs heading into tomorrow’s USDA S&D report. Estimates are for corn and wheat stocks to increase slightly while soybeans are expected to drop slightly from the April report. The USDA will also issue its first official estimate of US/World 2018-19 supply and demand. The trade is looking for lower corn carryout and higher soybean carryout.
Talk that China may not buy US soybeans for the remainder of the marketing year along with Chinese buyers canceling orders for US soybeans keeps the markets on edge.
The US Midwest weather forecast is unchanged as rains are seen moving through the middle of this week, then again over the weekend, and a third system the middle of next week.
Estimates for tomorrow’s report:
17/18 Ending Stocks (Billion Bu)
USDA MAY AVE. ESTIMATE USDA APRIL
WHEAT 1.065 1.064
CORN 2.178 2.182
SOYBEANS .541 .550
18/19 Ending Stocks (Billion Bu)
USDA MAY AVE. ESTIMATE USDA APRIL
WHEAT .930 NA
CORN 1.628 NA
SOYBEANS .535 NA
Have a Safe Day!
Garry Gard
920-348-6844
ggard2didionmilling.com
