Mid Day Comments May 10, 2017
Wednesday, May 10, 2017, 12:05 PM
Submitted by: Landus Cooperative
USDA released their latest WASDE report at 11 a.m. this morning.
16/17 corn carry out changed from 2.320 billion reported in April to 2.295, or a loss of 25 million bushels.
17/18 corn carryout is now estimated at 2.110 billion bushels (vs. an average trade guess of 2.129).
16/17 soybean carry out changed from 445 million bushels to 435 million, losing 10 million.
17/18 bean carryout now pegged at 480 million (vs. an average trade guess of 584).
These are the first official estimates for carryout for the 17/18 crop year.
Since the report, corn has been anywhere from 4 to 6 higher, and beans were more than a dime higher at one point.
As of about 11:45 a.m., corn is up 4-5 and beans are 1-2 higher.
Today is a good example of why you should be using offer contracts to price grain. Please contact us at 877-778-2226 for more information