Good afternoon, Corn finished the day slightly higher. The Nov. Supply\Demand report came out today without any major changes to the U.S. balance sheet. The corn yield was dropped by .8 bpa which in return dropped production by 68 million bushels. Although, at 14.047 bln. bu. the crop size still remains record large. Domestic usage was increased slightly leaving 14/15 ending corn stocks at 2.008 bln. bu., our highest number in 10 years. Some traders believe the USDA is too low in their corn yield estimate while some believe their corn export projection is too high. World corn stocks came in at 191.5 MMT’s. This is an increase of 25.7 MMT’s from last year’s carryout number. U.S. corn harvest is expected to be around 79% complete in this afternoon’s weekly crop progress report, which is in line with the 5 year average. A week ago, 65% of the corn crop was estimated to be harvested. Temperatures are expected to be much colder beginning tomorrow as artic air is expected to move across both the Plains and the Midwest over the next two weeks. Weekly corn export inspections came in this morning at 20.4 mln. bu. Soybean futures were unable to maintain their gains following the USDA’s November Supply/Demand report and ended the session lower. The U.S. soybean yield was increased .4 bpa this morning which in turn amplified production by 31 mln. bu. to a record large 3.958 bln. bu. This number was however offset by an increase in exports and crush which in turn left 14/15 ending stocks unchanged at 450 mln. bu., an 8 year high. The USDA also increased soy oil usage and meal exports. Argentina and Brazil’s soybean crop projections were left unchanged. South America’s weather forecast currently looks favorable. Heavy precipitation over the next 8-10 days is expected to be isolated to the driest areas of northeastern Brazil. U.S. soybean harvest is expected to be around 91% complete in this afternoon’s weekly crop progress report, just 1% behind the five-year average. Last week 83% of bean harvest was estimated to be finished. Weekly bean export inspections came in this morning at 91.2 mln. bu. For the month of October, China reported their soybean imports at 4.1 MMT. Adam Bauer Grain Originator Western Grain Marketing Cell:309-333-7617 Office:309-653-2650
Posted on: Mon, 10 Nov 2014 20:54:30 +0000
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