Good morning,
Dryness in Brazil continues to be a concern as planting remains behind pace and rainfall is forecasted to be behind pace for another 3 weeks. Unlike US farmers, Brazilian farmers want rain during planting season. Argentina is sitting in a similar situation bet despite the rain deficit, Argentina’s crop is 11% planted and only 2% behind the average.
The USDA quarterly stocks report is out this morning, and traders look for both soybean and corn stocks to end up higher than USDA’s September S&D update, indicating a neutral to bearish undertone. My guess is that this report will come in bullish with strong use in both commodities the last couple months.
Check back in after 11:00 for today’s numbers.
Quarterly Grain Stocks (Billion bushels)
| USDA September 2024 | Average Estimate | USDA September 2023 | |
| Corn | 1.760 | 1.853 | 1.360 |
| Soybeans | .342 | 354 | 264 |
| Wheat | 1.986 | 1.984 | 1.767 |
Have a Safe Day!
Garry Gard
920-348-6844
