Grains finished stronger today along with the outside markets. December corn was up 17 ¾ cents at $6.05 ½, November soybeans up ¾ cents at $11.63 ¾, December wheat finished 21 ¼ cents higher at $6.25 ¼.
We are coming off of oversold levels and are a week away from the next Supply and Demand report. With crude oil up over $4 higher today and the stock market making a nice rebound grains easily found support as well. We had FC Stone’s estimates released yesterday and Informa’s estimates today. Informa is projecting corn yield to be 149.5 and bean yield at 41.8. Tomorrow morning we will have weekly export sales data at 7:30am CST. The estimates are as follows:
Soybeans 550,000 MTs – 850,000 MTs
Corn 600,000 MTs – 1,300,000 MTs
Wheat 300,000 MTs – 650,000 MTs
Harvest pace should remain strong through the end of the week with the favorable forecast. Until we get more direction from USDA yield estimates, or some sort of major shift in demand we could remain choppy and range bound. For producers that are heavily sold we like re-owing with call strategies. To receive the specific option strategies please feel free to sign up for a complementary trial using the link below. Good luck with the rest of harvest!
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