Morning Comments 1/11/2013
Friday, January 11, 2013, 8:33 amSubmitted by: Kyle Lehman
With the USDA S&D and stocks report due out this morning at 11 the markets have been quiet as traders sit around talking about the extra sleep they get now that the report is released 3 ½ hours later than last year. China announced a new import quota for corn of 7.2 MMT which 40% of that will be private trade. It seems markets were relatively active on trading some wheat around the world yesterday South Korea, Taiwan, Israel, and Ethiopia bought optional-origin wheat. Israel also purchased some optional-origin corn. USDA announced Taiwan was a purchaser of 12K MT of US soybeans and China 120K MT of US beans.
The eastern corn belt has found some more precipitation (indicated by the below map) which has pretty well taken soil moisture levels back to normal. The central US continues to miss the rain/snow causing some concern for the wheat crop. South American weather is still favorable for producing a record crop.
Outside markets are mixed with the dollar making new lows and said to test the December low (friendly commodities) while crude trades lower (bearish).
Trade’s Report Estimates:
Yield Acres Production Ending Stocks
Corn Dec 122.3 87.7 10.725 .647
Corn Estimate 122.57 86.99 10.665 .667
Change +.27 -.71 -.06 +.02
Beans Dec 39.3 75.7 2.971 .130
Bean Estimate 39.55 75.55 2.998 .130
Change +.25 -.15 +.027 +-0
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