Morning Comments July 12, 2018
Thursday, July 12, 2018, 9:07 AM
Submitted by: Landus Cooperative
Corn steady to 1c higher
Soybeans 2c to 3c higher
Grains trading slightly higher this morning with corn and beans both 1-2 cents higher ahead of the USDA report to be released at 11a.m. today. The average trade estimate for the report has corn production at 14.269 billion bushels versus USDA June estimate of 14.040. Yield is pegged at 174.9 bpa versus USDA June estimate of 174.0. Soybean production is estimated at 4.314 billion versus USDA June estimate of 4.280 billion. Yield is pegged at 48.6 bpa versus 48.5 bpa in June. Bottom line here: production and yield estimates are both increased.
The average trade estimate for corn ending stocks is at 2.107 billion bushels versus 2.102 in June. Soybean ending stocks are estimated at 471 million bushels versus 385 million in June. China has reduced its 2018/19 soybean import estimate due to trade concerns. I will send an update with the USDA values as they become available shortly after the report release.
Have a great day!