Corn: 2 to 4 higher
Beans: 5 to 6 higher
Corn closed higher yesterday with traders positioning for what is expected to be a positive USDA report this morning. The trade expects export projections to be increased and the 2020/21 carryout to be reduced marginally as well. Export inspections of 27.2 million bushels were at the lower end of the trade estimates (25.6-39.4 million bushels). Corn exports need to average about 44 million bushels/week through the end in August to reach the USDA’S projection of 2.325 billion bushels. Corn is trading higher this morning as well, as the trade continues to position for a friendly report at 11AM.
Soybeans pushed up into new contract high territory yesterday. Bean meal and bean oil prices were supportive and the fact that export inspections came in above the top end of trade expectations helped as well. Bean export inspections were the 2nd highest of the marketing year at 91.7 million bushels. Brazilian planting progress is pegged at 54%, last week it was at 35% and at this time last year they were 65% completed. Conditions still remain very dry there. Beans are higher again this morning. The WASDE report is projected to tighten U.S. bean supplies even further. As the U.S. supply tightens, the world cannot afford any South American crop losses which should be supportive of the bean market given any setbacks.
The November WASDE report is out this morning at 11 am. If you would like to have offers in ahead of the report, please call your local GMA or Landus location to place those before 11 am.