Corn, soybeans down ahead of USDA numbers
Soybeans were lower on technical selling and position squaring ahead of Friday’s USDA ending stocks and production numbers. Traders expect a slight increase in crop size along with slightly larger ending stocks. The trade’s continuing to watch South American planting weather with a good pattern expected over the near term. Brazil’s CONAB sees production at 80.1 million to 83 million tons. Soybean meal was down and bean oil was up on product spread adjustments.
Corn was lower on technical selling and pre-report position squaring. On average, the trade sees a smaller crop estimate but the range of estimates is fairly wide. The numbers are out at 7:30 AM Central. Weekly exports were quiet and Japan picked up 152,400 tons of new crop U.S. corn. Argentina’s crop weather has improved, which should allow for farmers to catch up with planting. Brazil’s CONAB projects corn production at 71.5 million to 72.9 million tons, with record exports of 19 million tons.
The wheat complex was higher on commercial buying. The trade continues to watch world crop weather issues and the impact on production, including the drought in the Southern U.S. Plains. Ahead of tomorrow’s USDA numbers, the trade anticipates a month to month increase in the domestic ending stocks projection against smaller world numbers.
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