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.
