USDA Report Snapshot from FC - 9/12/2013

USDA Report Snapshot

Thursday, September 12, 2013, 11:12 am
Submitted by: Dustin Weiner

First glance, bearish (negative) to corn and neutral to bullish (positive) to soybeans. 

 

USDA NUMBERS:

CORN (13/14):

Yield 155.30 bpa (153.69 average trade guess)

Production 13.843 billion bushels (13.620bb average trade guess)

Carryout 1.855 billion bushels (1.732bb average trade guess)

 

SOYBEANS (13/14):

Yield 41.20 bpa (41.17 average trade guess)

Production 3.149 billion bushels (3.140bb average trade guess)

Carryout 150 million bushels (165mb average trade guess)

 

Definitely negative to corn as corn production trends higher and corn carryout balloons closer to 2 billion bushels.  The bean yields and production were within trade guesses, but there are definite questions as to what yield we actually see in a few weeks.  The projected carryout on soybeans for next year is TIGHT.  150mb doesn’t leave much room for error.

 

Currently

Corn down 10 to 15 cents

Soybeans 3 to 6 cents higher