AM Comments 12/10/13
Tuesday, December 10, 2013, 8:09 amSubmitted by: Dustin Weiner
Good morning!
The USDA will release their December S&D report at 11am today – the market looks like it will stay relatively quiet up until then. The trade is expecting demand increases for both corn and soybeans, lower the projected carryouts of each. Typically this report doesn’t have much fireworks to it as they tend to wait until January when the final U.S. production numbers are released.
Weather in South America still looks good, the forecast almost couldn’t be any better in the short term. Brazil’s government is now forecasting a record soybean production, 90.3MMT, which is 2.3MMT higher than the estimate the USDA gave us in November. If this crop holds in there, it will likely be a pretty heavy anchor on bean prices come Feb/March forward, if not sooner.
Opening Calls
Corn down 1 to 3 cents
Soybeans mixed, up 1c to down 1c
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