After the noon eastern time release of USDA’s crop production and grain stocks reports, and the January WASDE, corn and wheat future are up and soybeans are lower. Here’s the Stewart-Peterson Mid-Day Update:
CORN: The corn market, reacting to the USDA report, is currently up 13 in Mar to 7.11-3.4 and May is up 11 to 7.08-1/2. USDA estimates for corn total production is to be at 10.78 bil bu with a yield adjusted to 123.4 bu per acre. The estimated corn carryout number was lowered to 602 mil bu on corn, which was supportive in the market.
SOYBEANS: The soybean market is reacting lower to today’s USDA report, with losses ranging from 7 to 18 cents. Jan beans are down 7 to 14.10 and Mar beans are down 13 to 13.66. The USDA report pegged US crop production for soybeans at 13.015 bil bu on a yield of 39.6 for the last crop production of the year. Soybean carryout came to 135 mil bu, which was within analysts’ estimates.
WHEAT: The USDA report was favorable for wheat with gains ranging from 16 to 21 cents. Mar wheat is up 21-1/4 to 7.66 and May is up 20 to 7.73-3/4. Winter wheat crop acreage came in at 41.8 mil acres, which was below estimates. Wheat carryout was also lowered to 716 mil bu for US wheat, compared to estimates of 743, which was favorable for wheat.
Source: NAFB News Service