Grains went into the morning break with sideways trade action still the major theme. Ahead of the USDA report corn and beans were off 1 while wheat was up 1.
EXPORTERS SELL 132,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2017/2018 MARKETING YEAR- USDA
Today’s USDA report at 11 am CDT is expected to show only minor adjustments in production and carry-out figures. But with traders on guard for surprises, there should still be some volatile trade around the report. Overall, traders look for a slight drop in US corn carry-out to 2,180 MB from 2,273; last month on a US yield of 168.2. For soybeans, ending stocks are expected to dip to 442 MB from 475 last month based on a 48.8 bushel yield.
On Monday after the close, USDA showed the corn crop was 5% harvested on par with the long-term average for this time of year. Condition ratings for corn continued to hold firm at 61% while soybean conditions dipped 1%.
Overnight, the French ag minister estimated the corn crop there at 12.75 MMT unchanged from last month and 8.9% on the year. The wheat crop was pegged at 37.8 MMT up from 36.8 last month and 37% from 2016.
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