Morning Comments; Friday, February 8th, 2019
MaxYield Cooperative - SETZ - Fri Feb 08, 5:35AM CST

Corn and soybean are trading higher this morning.

Today the USDA will release the long awaited annual crop production summary, the monthly supply and demand estimates as well as the December 1st quarterly grain stocks. This data will be released at 11 am central time.

The production figure for corn is estimated at 14.53 billion bushels, with the range of 14.34-14.76 billion bushels expected. Corn yield is estimated 1 bushel per acre below December at 177.9 bushels per acre. Carryout is also expected to shrink from the December figure, by 73 million bushels to 1.708 billion bushels.

Soybean production estimates are for 4.57 billion bushels, with the range of 4.49 – 4.62 billion bushels expected. Soybean yield estimates are just slightly below the December release at 51.8 bushels per acre. Ending stocks of soybeans will garner a lot of attention, the average trade guess is to see 926 million bushels, with a wide range of 800 million to 1.02 billion bushels reported.

Today’s release will also look at world production figures. A lot of attention will be focused on what the USDA releases for Brazil’s soybean production. Their latest estimate was 122 MMT back in December. Since that release, adverse weather has prompted nearly all private forecasters to reduce their estimates. Some reputable sources now as low as 112 MMT.

Market Movers; USDA report data and Chinese trade news.




 

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