Today's USDA Report Expected to Show only Minor Adjustments
Sep 12, 2017
Grains went into the morning break with sideways trade action still the major theme. Ahead of the USDA report corn and beans were off 1 while wheat was up 1.
EXPORTERS SELL 132,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2017/2018 MARKETING YEAR- USDA
Today’s USDA report at 11 am CDT is expected to show only minor adjustments in production and carry-out figures. But with traders on guard for surprises, there should still be some volatile trade around the report. Overall, traders look for a slight drop in US corn carry-out to 2,180 MB from 2,273; last month on a US yield of 168.2. For soybeans, ending stocks are expected to dip to 442 MB from 475 last month based on a 48.8 bushel yield.
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On Monday after the close, USDA showed the corn crop was 5% harvested on par with the long-term average for this time of year. Condition ratings for corn continued to hold firm at 61% while soybean conditions dipped 1%.
Overnight, the French ag minister estimated the corn crop there at 12.75 MMT unchanged from last month and 8.9% on the year. The wheat crop was pegged at 37.8 MMT up from 36.8 last month and 37% from 2016.
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