As the market is looking forward to the December 10th crop report, local farmers are pushing hard to try to get the crop out of the field. Average trade estimates for U.S. corn ending stocks is 1.919 billion bu, soybeans at 476 million bu and wheat at 1.01 billion bu. IEG released a smaller guess at Argentina 19/20 corn production vs the USDA at 46 MMT vs 50 MMT and a smaller bean production of 52.5 MMT vs USDA at 53 MMT. The private analysts had Brazil with a larger crop in corn and beans than the USDA.
While much can be made of the production side that is only half of the story as there are a lot of questions with the demand side of the equation. How do the politics of Argentina affect the bean meal market? How much demand will China have with their hog situation? When do we get a new headline on trade relations out of Washington? USDA did report 245,000 tons of beans sold to unknown in 19/20 this morning.
Much of the chatter in the marketplace is getting tuned out by the growers in the north as their focus is to will their way through the growing season.
Good luck and be safe!