Morning Comments October 12, 2017

Opening Calls:

Corn steady

Beans +2 to +3

 

Good morning!

 

Today is report day. The October WASDE report will be released at 11 a.m. Traders have been adjusting their positions, causing the markets to be steady to slightly higher this morning. The trade is expecting higher yields for both corn and soybeans, anything different will add some volatility in the marketplace. NASS will also be changing harvest acres, taking FSA data into account.

 

Average trade guesses for today’s report are:

Corn:

Yield 170.1 bpa vs. 169.9 bpa in September

Ending stocks are estimated at 2.289 billion bu. Vs. 2.335 billion in September

Production is estimated at 14.204 vs. 14.184 billion bu in September

 

Soybeans:

Yield 50 bushel/acre vs 49.9 in September

Production estimated at 4.447 billion bu vs. 4.431 billion in September

Ending stocks are estimated at 447 million bu vs 475 in September

 

Outside markets are pretty quiet with the dollar trading up slightly and crude down slightly.

The big story today will be the USDA report out at 11 a.m.

 

Have a great day!