MARKET COMMENTARY

Opening Calls:

Corn up a penny

Soybeans down 4 cents

Good morning!

Grains trading mixed this morning with corn up a penny and soybeans 4 cents lower. The USDA announced on Friday that it will lead a trade delegation to South Korea in an attempt to boost trade opportunities for U.S. agricultural exporters.  Still haven’t heard anything new from talks with China. This Thursday we will see the monthly WASDE USDA report. The average trade estimates for the report has corn yield estimated at 180.0 bpa, production is estimated at 14.721 billion bushels. Soybean yield is pegged at 52.9 bpa, production is estimated at 4.676 billion bushels. Corn ending stocks are estimated at 1.773 billion bushels. Soybean ending stocks are estimated at 898 million.

On Friday, the USDA released their 2019/20 baseline forecast for showing farmers are expected to plant 92 million acres of corn, up 2.9 million from this year. Yield was pegged at 176.5 bpa. Farmers are expected to reduce soybean acres by 6.6 million in 2019/20 to 82.5 million acres, but ending stocks are expected to remain burdensome at 723 million bushels.

Have a good day!