Corn: 3 to 4 higher
Beans: 7 to 9 higher
Yesterday fell a little flat on both commodities. The export report showed little corn moving to China and was the lowest volume for the first 5 weeks of the marketing year. Managed money has been progressively getting longer in corn futures and should support prices for the time being. The trade is looking forward to the WASDE report today at 11 AM and is also needing more information on the South American crop.
Beans hit a contract high yesterday before falling back down, closing the day with small losses across the board. Soybean exports were HUGE last week. With more than 60 million bushels shipped, it was by far the highest yet for this marketing year. There is still a lot of concern about South American weather as they continue to see record heat and continued dryness.
Today’s WASDE report will set the tone for the day. So far, we’re not seeing a lot of position squaring in the overnight trade, with corn, soybeans, wheat, and oats all trading higher through the morning break.
Key numbers to look for are U.S. ending stocks with the average trader estimates as follows:
Corn: 2.1 billion vs. 2.5 billion previous and 1.99 last year
Beans: 352 million vs. 460 million previous and 524 million last year
We’ll have a quick recap after the WASDE report later this morning, with more details in our end of the day podcast, the Bull Bear Banter, which can be found here: https://landusexperience.podbean.com
During today's episode, we’ll also feature a segment regarding the dangers of cattle grazing corn stalks in the derecho and drought-stricken areas. If you, or someone you know, will be doing this, we encourage you to listen to the podcast later this afternoon or over the weekend.
Another reminder: please keep safety in mind during harvest. Long hours, with tired people, can sometimes lead to accidental issues. Keep an eye on each other, and be safe