Corn down 1 to 2
Beans steady to down a penny
Corn traded higher yesterday with spotty rains, additional wheat buying, and many in the trade reducing their short position before today’s USDA report. Beans followed corn and wheat higher, with support from the extended heat in the forecast and substantial weekly export numbers. In today’s report, trade guesses are pegging corn ending stocks at 2.277 billion bushels for 19/20 and soybeans stocks at 584 million bushels. For the 2020/21 corn, stocks are expected to be 2.683 billion bushels and beans at 416 million bushels, reflecting the acreage changes. Downward adjustments are expected in demand to reflect spring’s quarantine and weak exports, and no anticipated changes in yield in this report. The 11 a.m. report has the potential to be a market mover with so many potential changes in demands after COVID and the last month’s acreage changes - now would be an excellent time to work offers. Call your GMA or location to get your offers working before 11 a.m.