Corn is unchanged and soybeans are down 9 to start the day.
A small group of Republicans in the House of Representatives have set the government on a course towards its fourth partial shutdown in a decade. At least nine members of Speaker Kevin McCarthy’s narrow 221-212 majority are refusing to back any stopgap measure to keep the government funded. The funds are reluctant buyers with this expected shutdown and a crop report being released tomorrow.
The Stocks report on Friday is a big one for corn and wheat and not so much for soybeans. Corn stocks have come in with lost and found stocks of 150 to 500 million over the years. Early harvest, overstated yields, understated yields, and high or low feed demand all come into play on this report. The variance in ending stocks estimates ranges from 1.320 to 1.500 billion bushel. A number close to the 1.500 will have us testing the previous lows around $4.70 while a number closer to 1.320 could push things back towards the $5.00 level on the CBOT.
Have a Safe Day!