Markets are 3 higher in corn and 9 lower in soybeans to start the week.
Today is Columbus Day, so there will be no reports released today but we will have a big data dump tomorrow. Tomorrow we will have the USDA Production and Supply/Demand report, export inspections and harvest progress all released. The average estimate for tomorrow’s production report are listed below:
USDA 2021 US Yield (bu/acre)
USDA 2021 US Production (billion bushel)
USDA 2021/22 US Carryout (billion bushels)
Now that the 2020/21 balance sheets are complete (September 30th report), the markets can focus on the new crop situations. The size on the 2021/22 crop continues to be debated. Yield reports are all over the board locally and across the Midwest. Some traders are anticipating the yield in Tuesday’s report to be higher than the USDA’s estimate last month of 176.3 bushels/acre, while others doubt this is possible given the crop conditions. The lower yield argument is supported by crop condition ratings that remained modestly below last year’s levels that were the second lowest of the last nine years. (Last year’s yield was 171.4 bushel/acre)
Have a Safe Day!