Good afternoon, Corn was unable to keep its gains that we saw early today, Fundamental news was very limited today and it was evident that ag commodities were following outside markets as crude oil fell hard. Estimates on the report were pooled and circulated by Bloomberg. On average, surveyed analysts are expecting to see a lower corn production. With a range 171.3-176.5, average estimates are that we will stay about the same with USDA estimates of 173.4 bushel per acre estimate. Trade is looking for an increase on the soybean output estimate, to an average prediction of 3.962 billion bushels. Market participants will also get a look at a Quarterly Stocks update. Bumper crops in 2014 were expected to pad stocks enough to allow a record total for corn and near-record for soybeans. The Stocks report will give us an idea of how the consumption of grains has paced since the start of the marketing year. USDA analysts will use the numbers to help revise grain usage estimates that make up one side of the balance sheet and ultimately are reflected in the carryout total. Adam Bauer Grain Originator Western Grain Marketing Cell:309-333-7617 Office:309-653-2650
Posted on: Tue, 06 Jan 2015 21:44:36 +0000
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