Corn, Soybean Futures Consolidate After Report

12 November, 2017, 02:42 | Author: Terri Saunders
  • The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

(Repeats Nov. 3 item with no changes to text) Nov 3 (Reuters) - The following are analysts' estimates ahead of the November crop supply/demand report from the U.S. Department of Agriculture (USDA), which will estimate U.S. 2017-18 ending stocks for wheat, corn and soybeans. That would put average US corn yields even higher than 2016's record-breaking effort of 174.6 bpa.

Soybean carryover on September 1, 2018, was forecast at 425 million bus, down 5 million bus from October based on a like decrease in forecast 2017 production at 4,425 million bus.

The USDA said corn export sales jumped last week to a 5-1/2-year high of more than 2.9 million tonnes, including 2.3 million for shipment in the current marketing year, topping trade estimates. "This year's record of 175.4 bu/ac reflects an approximate 20% increase in yield in just over 10 years", said Renewable Fuels Association President and CEO Bob Dinneen.

Paris wheat futures ended slightly higher on Friday, coming off an earlier one-week low, as Chicago grain prices steadied after a day-earlier slide sparked by a forecast for a record USA corn yield.

The average soybean yield was forecast at 49.5 bushels an acre based on November 1 conditions, unchanged from October and down 2.5 bushels from 2016. That would be the most acres harvested in the state since 2011, when Colorado farmers harvested 1.3 million acres. Yield is expected to average a record 900 pounds per harvested acre. NOTE: All figures listed in billions of bushels.

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The U.S.D.A. 2018 wheat carryover forecast was below the pre-report trade average expectation of 956 million bus, the soybean carryover was slightly above the trade average of 420 million bus and the U.S.D.A. corn carryover was well above the trade average of 2,360 million bus. Argentina and Brazilian production was left "unchanged". For corn and soybeans, the marketing year begins on September 1 and ends on August 31.

Today's close will say a lot about the tone of the soybean market, Knorr adds.

Globally, wheat supplies are down fractionally, with global use fractionally higher.

Still, the January soybean contracts are above the 200-day, 100-day and 50-day moving averages, which will provide support to the market.

The U.S.D.A. forecast soybean carryover on September 1, 2018, at 425 million bus.

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