Corn: 3 to 4 higher
Beans: 4 to 6 higher
The overnight trading session saw a continuation of the rally that started after the release of the USDA Quarterly Stocks report yesterday. The main takeaway is the reduction to ending stocks. Here is a quick recap of that report:
Along with ending stocks being lower than the market estimates, it’s important to note this report includes corn and soybean acreage, yield, and production revisions for the 2019 crop. U.S. corn production for 2019 is revised up 2.67 million bushels and U.S. soybean production is revised down 333,000 bushels from the previous estimate. Also worth noting the change in ending stock values from a year ago.
Corn currently up 16 and soybeans 37 cents higher as the trade digests these lower stock values.
Corn ending stocks: 1.995 billon bushels vs market estimate of 2.25 billion bushels. Prior year bushels were 2.1 billion.
Bean ending stocks: 520 million bushels vs market estimate of 570 million bushels. Prior year bushels were 930 million.
Now is a GREAT time to chat with your local Grain Marketing Advisor about bushels you’ve either already moved to town or will need to move to town. Let’s discuss what you’d like to try to accomplish and how we can work together to help you hit your marketing goals.