Morning Comments January 10, 2020

Grain Corn Pile Closeup

Opening Calls:

Corn: steady

Beans: steady

Not a lot of fresh news ahead of the report, the general agreement is that the USDA will trim back yields and acres, but the question is how much. Bears know that the USDA’s projections for demand are too high, with exports lagging behind, and bean sales going to South America. See the chart below. We will send out information after the 11 A.M. report.

It's not too late to get an offer in. Please contact us prior to 11 AM. 



CORN-

Production (in billions of bushels) 

Average Estimate: 13.513

Range of Estimates: 13.217 to 13.701

USDA Previous: 13.661

Last Year: 14.420

USDA 2019/20 World Corn Ending Stocks (in millions of metric tons) 

Average Estimate: 296.6

Range of Estimates: 290.5 to 302.0

USDA Previous: 300.6

Last Year: 319.2

SOYBEANS-

Production (in billions of bushels) 

Average Estimate: 3.512

Range of Estimates: 3.463 to 3.560

USDA Previous: 3.550

Last Year: 4.428

USDA 2019/20 World Soybean Ending Stocks (in millions of metric tons) 

Average Estimate: 95.4

Range of Estimates: 91.7 to 99.4

USDA Previous: 96.4

Last Year: 109.8