Good morning!
The price action overnight was similar to what we have been seeing lately – corn steady/lower with soybean steady/higher. The soybean market was up a nickel or so last night before settling back down to unchanged after an updated weather map showed some rain chances for Argentina next week. The dry weather down there has forced some private companies to lower their estimates – mainly on corn. The USDA has Argentina projected to raise a 25 MMT corn crop while some private companies are now pegging it between 18 & 25 MMT. As recent as one month ago some predictions were as high as 32 MMT – so it is safe to say that the top end potential of that crop has been reduced.
NOPA will release their December soybean crush report at 11am today, the trade is expecting a pretty large (near record) domestic crush (163.9mb expected vs 160.1 in Nov and 159.9 last December). If we get any surprises one way or the other the soybean complex will react accordingly.
Opening Calls
Corn 2 to 4 cents lower
Soybeans mixed
Have a great day!
Dustin Weiner
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