USDA Reports
USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.
Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.
Farmers and trade anticipate final numbers from the crop production summary on Friday. The latest information from WASDE, winter wheat seedings and quarterly stocks will be available tomorrow.
Rich Nelson with Allendale, Inc. says grain markets are seeing early pressure with a rebound in the U.S. dollar index back near recent highs, but also watching South American weather and ahead of USDA reports on Friday.
Kent Beadle with Paradigm Futures says corn and soybeans are seeing profit taking and farmer selling after hitting chart resistance on Monday at previous highs and retreating.
Naomi Blohm of Total Farm Marketing says corn, soybeans and soybean meal saw fund buying and weather premium being added early in the session with hot and dry weather forecasts for 15 days out in Argentina and Southern Brazil.
Jon Scheve explains why the high interest cost to hold his soybeans led to him setting his basis and moving his beans in December.
Jon Scheve explains why “free” storage offered to farmers is a bad deal and costs all farmers more than they realize.
Although there were no earth-shattering surprises in the Dec. 1 USDA Hogs and Pigs Report, economist Lee Schulz says there are several important takeaways for pork producers as the year comes to a close.
Jon Scheve discusses what factors could contribute to a price rally in the next few months.