Morning Comments October 12, 2017
Thursday, October 12, 2017, 7:10 AM
Submitted by: Landus Cooperative
Beans +2 to +3
Today is report day. The October WASDE report will be released at 11 a.m. Traders have been adjusting their positions, causing the markets to be steady to slightly higher this morning. The trade is expecting higher yields for both corn and soybeans, anything different will add some volatility in the marketplace. NASS will also be changing harvest acres, taking FSA data into account.
Average trade guesses for today’s report are:
Yield 170.1 bpa vs. 169.9 bpa in September
Ending stocks are estimated at 2.289 billion bu. Vs. 2.335 billion in September
Production is estimated at 14.204 vs. 14.184 billion bu in September
Yield 50 bushel/acre vs 49.9 in September
Production estimated at 4.447 billion bu vs. 4.431 billion in September
Ending stocks are estimated at 447 million bu vs 475 in September
Outside markets are pretty quiet with the dollar trading up slightly and crude down slightly.
The big story today will be the USDA report out at 11 a.m.
Have a great day!