The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The Hueber Report is a grain marketing advisory service and brokerage firm that places the highest importance on risk management and profitable farming.
Click here for a free trial
Once again, here are estimates for the October report; Corn production of 14.872 billion from a yield of 181.8. Harvested acreage is expected to be trimmed by 80,000 acres. The bean crop is expected to tally 4.733 billion with a whooping yield of 53.3. Harvested acreage is expected to drop 180,000 acres. Carryout for corn is projected to increase by 145 million from last month to 1.919 billion, beans up 53 million to 898 million and wheat 15 million to 950 million. World ending stocks are estimated to come in at 159.3 MMT for corn, 109.53 MMT beans, and 261.41 MMT wheat.
We will see a full array of updates from Washington today now that they are back from to work, but I have yet to see any announcement concerning changes concerning ethanol. Many expect it will be a waiver to allow nationwide sales of E-15 blends on a year-around basis, but it is hard to imagine that the petroleum industry will not be offered some kind of enticement as well. We shall have to wait and see.
Global news is uneventful as well. Planting progress continues at a clipper pace in Brazil and Argentina has received some needed moisture. The French ag ministry has updated production estimates, lowering corn 200,000 MT and barley a similar amount but the trade expected a deeper cut.
No comments have been posted to this Blog Post