Morning Comments April 10, 2019

Corn Emergence 2

Grain overnight:

Corn up 1 to 2

Beans steady to down 1

 

Good morning!

 

Following are the results from yesterday’s USDA reports:

CORN:

2018/19 Corn Ending Stocks (in billions of bushels)

Actual: 2.035

Average Estimate: 2.013

Range of Estimates: 1.940 to 2.211

USDA Previous: 1,835

Last Year: 2.140

2018/19 World Corn Production (in millions of metric tons)

Brazil:

Actual: 96.0

Average Estimate: 94.7

Range of Estimates: 88.5 to 97.0

USDA Previous: 94.5

Last Year: 82.0

2018/19 World Corn Ending Stocks (in millions of metric tons)

Actual: 314

Average Estimate: 312.4

Range of Estimates: 308.9 to 315.1

USDA Previous: 308.5

Last Year: 341.2

 

SOYBEANS:

2018/19 Soybean Ending Stocks (in millions of bushels)

Actual: 895

Average Estimate: 913

Range of Estimates: 847 to 1.062

USDA Previous: 900

Last Year: 438

2018/19 World Soybean Production (in millions of metric tons)

Brazil:

Actual: 117

Average Estimate: 116.1

Range of Estimates: 115 to 117

USDA Previous: 116.5

Last Year: 120.8

2018/19 World Soybean Ending Stocks (in millions of metric tons)

Actual: 107.4

Average Estimate: 108.4

Range of Estimates: 106.5 to 114.6

USDA Previous: 107.2

Last Year: 98.6

 

The EIA’s weekly ethanol production and stocks reports will be out this morning. The trade is hoping that the improvement in production margins and the improvement in the blending margins that have resulted from the strength in the gasoline market will have a positive effect on the ethanol numbers.

 

The June dollar index is trading 4 points lower this morning at around 96.57.  This morning the May crude oil contract is trading around $0.50 higher.

 

PLEASE NOTE: Our grain policy has changed effective April 1st. The change is in regard to free time for a delivery. For any new delivery started on or after April 1st, you will have 15 days to make a decision about disposition. These 15 days will also apply to the amount of time allowed for averaging loads on that delivery. On day 16, any open contracts will be filled and the balance of the grain will be automatically placed on open storage unless other arrangements have been made by the 15th day. This change will help the cooperative be more efficient transferring grain throughout the year, and especially during harvest.