Good Morning,

USDA report out today at 11am will dominate the markets today with traders positioning ahead of the release and reacting after. There will be a lot of data released today (see below) but the main focus pre report seems to be focusing on what the USDA will use for corn yield. Private estimates are divided greatly with a range of 163-171.5 bpa which means we have room for a surprise in either direction. The USDA used 169.5 bpa in their August report.
President Trump announced he will delay the 5% tariff increase on some of China’s goods by two weeks, now to be implemented October 15th, in a sign of good will ahead of the trade talks next month.
If you have old crop corn to move or are looking to price more new crop bushels, give us a call to hear some of the unique options that we are offering.

2019/20 Production (Billion Bu)
USDA Sept. Avg. Est. USDA Aug.
Corn Yield 168.2 167.2 169.5
Corn Production 13.799 13.672 13.901
Bean Yield 47.9 47.2 48.5
Bean Production 3.633 3.577 3.68

2018/19 Ending Stocks (Billion Bu)
USDA Sept. Ave. Est. USDA Aug.
Corn 2.445 2.401 2.360
Soybeans 1.005 1.054 1.070

2019/20 Ending Stocks (Billion Bu)
USDA Sept. Ave. Est. USDA Aug.
Corn 2.190 2.002 2.181
Soybeans .640 .660 .7550

Have a Safe Day!

Garry Gard