Morning Comments January 9, 2020

Corn closeup

Opening Calls

Corn 1 to 2 higher

Beans 2 to 3 higher

The corn markets traded steady yesterday as the markets seem to push off the Iran missile attack. Bears are still concerned about tomorrow’s report pointing to the weak export sales, US ethanol production slipping, and the Chinese plan to end their E10 goals. The Chinese E10 was thought to increase corn exports and ethanol exports to China, and to be part of the Phase 1 deal. Today the corn market is trading higher as trade positions itself before the report tomorrow. 

Beans traded higher yesterday and overnight as the funds are positioning themselves before the report tomorrow. I caution people being overly optimistic with South American harvest close, the CONAB report yesterday pointed to a large crop, and they have favorable weather. Remember, we received MFP, and that needs to be included in old crop beans sales. 

CORN-

Yield (in bushels per acre) 

Average Estimate: 166.2

Range of Estimates: 164.8 to 168.5

USDA Previous: 167.0

Last Year: 176.4

Harvested Acres (in millions of acres) 

Average Estimate: 81.350

Range of Estimates: 80.100 to 81.953

USDA Previous: 81.815

Last Year: 81.740

SOYBEANS-

Yield (in bushels per acre) 

Average Estimate: 46.6

Range of Estimates: 46.0 to 47.2

USDA Previous: 46.9

Last Year: 50.6

Harvested Acres (in millions of acres) 

Average Estimate: 75.462

Range of Estimates: 74.5 to 76.0

USDA Previous: 75.626

Last Year: 87.594


Estimates courtesy of Summit Commodity Brokerage