Morning Comments September 11, 2019

Agriculture Cereals Corn 1242 Pixels Free To Use

Opening Calls:

Corn steady to mixed

Beans down 2 to 3

The estimates for tomorrow’s WASDE report are listed below.

CORN:

Production (in billions of bushels) 

Average Estimate: 13.557

Range of Estimates: 12.617 to 14.003

USDA Previous: 13.901

Last Year: 14.420 

Yield (in bushels per acre) 

Average Estimate: 166.7

Range of Estimates: 162.0 to 171.5

USDA Previous: 169.5

Last Year: 176.4 

USDA 2018/19 US Corn Ending Stocks (in billions of bushels) 

Average Estimate: 2.399

Range of Estimates: 2.180 to 2.515 USDA 

Previous: 2.360

Last Year: 2.140 

SOYBEANS:

Production (in billions of bushels) 

Average Estimate: 3.578

Range of Estimates: 3.430 to 3.735

USDA Previous: 3.680

Last Year: 4.544 

Yield (in bushels per acre) 

Average Estimate: 47.2

Range of Estimates: 45.5 to 49.0

USDA Previous: 48.5

Last Year: 51.6

USDA 2018/19 US Soybean Ending Stocks (in millions of bushels)

Average Estimate: 1,050

Range of Estimates: 993 to 1,084

USDA Previous: 1,070

Last Year: 438

Yesterday the corn and soybean markets showed positive gains, supported by reports of Chinese media saying that China would buy more US Ag products if the US would back off the next round of tariffs. However, China opened up its soymeal market to Argentina, allowing them to export their meal to China for the first time. This has limited the optimism that went into the market yesterday. Additionally, the trade isn’t expecting any significant changes to tomorrow’s WASDE report due to the above average temperatures and significant rainfall across the Corn Belt that have extended the growing season.