Good Morning,

Report Day!!

The USDA will release their October Supply and Demand report at 11am today. Like every report there has been a lot of anticipation building for this one. Yield and stocks will be the big focus. Below are the estimates for today’s report. Check back at 11am for today’s numbers.

USDA 2020-2021 US corn and soybean production (billion bu)
USDA Oct. Average Est. USDA Sept.
Corn Production 14.722 14.808 14.900
Corn Yield 178.4 177.7 178.5
Corn Acres 82.527 83.321 83.473
Soybean Production 4.268 4.282 4.313
Soybean Yield 51.9 51.6 51.9
Soybean Acres 82.289 82.922 83.020

USDA 2020-21 Ending stocks(billion bu)
USDA Oct. Average Est. USDA Sept.
Wheat .883 .887 .925
Corn 2.167 2.113 2.503
Soybeans .290 .369 .460

I believe it is very important for producers to keep in mind how long the funds positions currently are. They are long 156,000 corn and 278,000 soybean contracts. If the data in today’s report produces a negative response, the market is vulnerable to a quick washout given the magnitude of the funds length. Take some risk off because this recent climb will end at some point!

Have a Safe Day!

Garry Gard