USDA Results
Corn – The Corn figures were very bullish, with production coming in at 13.074 billion bushels, well below the 13.109 billion bushel consensus estimate. Both yield and carryout numbers were also well below forecasts, with yields coming in at 151.1 bpa versus estimates of 152.3 bpa and carryout pegged at 1.438 billion bushels versus estimates of 1.698 billion. The early call is 8-10 cents higher, but we may see 10-15 cents higher by the open.
Wheat – The Wheat number may be the most surprising of today's USDA figures. Winter Wheat seedings were 46.61 million acres total, below the consensus guesstimate of 48.657. The hard red crop was actually below last year's figure, coming in at 32.5 million acres versus last year’s 32.94 million acre figure. The early call is about 20 cents higher, but we may see the market open close to limit up, especially in KC.
Soybeans – Bean figures came in a little higher on the production and carryout numbers, while yields were in line with forecasts. The report is neutral to slightly bearish, but the Bean complex is expected to open higher on the coattails of the bullish Corn and Wheat figures. Production came in at 2.585 billion bushels versus estimates of 2.584 billion, while carryout was pegged at 175 million bushels versus estimates of 170 million. The early call is 5-7 cents higher.
Rob Kurzatkowski, Commodity Analyst
