ALERT: USDA REPORT OUT AT 11:00 AM CENTRAL TIME TODAY
In the overnight session corn traded 2 ¼ cents lower to 343 ½ cents sitting right on support that has held over the last week. Soybeans slipped another 3 ¼ cents last night to 990 ¼ cents and wheat fell another 3 cents to 516 ¾ as we enter the morning pause in trade activity.
Export sales were released this morning which seemed to be positive overall, meeting expectations for corn and soybeans and beating expectations for wheat. Last week the marketing year concluded for the 13/14 season and this week marks the first export sales report for the 14/15 marketing year. Wheat export sales were reported at 690,000 metric tons which was well over analyst expectations of between 250,000-450,000 metric tons. Corn sales were recorded at 563,200 metric tons which was within the 450,000-650,000 metric tons expected. Corn also carried over 1,341,400 metric tons of old crop sales into the new marketing year. Soybeans recorded strong export sales of 984,300 MT with china making up 69% of volume sold. Soybeans carried over 1,340,500 metric tons of soybeans from old crop to the 14/15 marketing year.
Big reportable sales come across the news wires this morning. With a combined 450,000 metric tonnes of soybeans being sold to China and Unknown Destinations. 360,000 tonnes of optional-origin soybeans were sold to China.
USDA Report Expectations
· USDA Report Today at 11:00 AM Central Time.
· Corn yield expected at 170.74 BPA, soybean yield expected at 46.29 BPA
· Corn production expected up 250 MB, soybeans up 65 MB
Corn yield will be a focus of today’s report, following a very conservative 167.4 bushel per acre estimate in August. The average analyst is projecting corn yield north of 170 BPA, with many respected analyst looking for even a 173 or 174 figure from the USDA. Early harvest reports have shown exceptional yields across the southern plains and delta, but harvest has not yet reached the key growing states of Iowa, Illinois, and Indiana. Our weather intelligence company, Planalytics, is projecting corn yields to average 168.9 bushel per acre - at the low end of trade estimates.