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Soybeans were slightly higher and corn was little changed ahead of today's WASDE in which analysts expect the USDA will raise its yield and production estimates but lower stockpiles. The government is expected by analysts surveyed by various groups to increase corn and soybean output forecasts only slightly from September while lowering inventories estimates on strong demand for U.S. supplies. Beans were up about 3 cents while corn gained less than a penny overnight ahead of the report. In weather news, it looks like it's going to be rainy in parts of the Midwest this weekend with storms forecast. Though no severe weather is expected, just enough precip will fall to keep growers out of fields. Check out all the details in today's 3 Big Things at http://www.agriculture.com/news/three-big-things/3-big-things-today-october-12
Here's what happened overnight:
Brent Crude Oil = down 1.1%
West Texas Intermediate = down 1.4%
Dollar = up 0.1%.
Wall Street = U.S. stock futures lower in pre-market trading.
World Markets = Global stocks higher overnight.
At the open:
Ahead of today’s USDA Supply and Demand report, agricultural commodity futures are mixed. The Dec. corn futures are unchanged at $3.46, as are March futures at $3.59 1/2. Nov. soybean futures are 2¢ higher at $9.67 1/4. Jan. soybean futures are 1 3/4¢ higher at $9.77 3/4. December wheat futures are 1 1/4¢ lower at $4.32. Dec. soy meal futures are $0.20 per short ton higher at $315.10. Dec. soy oil futures are $0.06 higher at 33.21¢ per pound. In the outside markets, the Brent crude oil market is $0.99 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 34 points lower.
USDA Lowers Soybean Ending Stocks
Thursday’s USDA crop production and supply and demand reports seemed to favor soybeans with a slight decrease in estimated U.S. yields and a lower ending stocks estimate.
In its October Supply/Demand and Crop Production Reports Thursday, the USDA pegged the U.S. corn average yield at 171.8 bushels per acre vs. the average trade estimate of 169.8 bushels per acre and last month’s estimate of 169.9 bushels per acre.
For soybeans, the average yield estimate is 49.5 bushels per acre vs. the average trade estimate of 49.9 bushels per acre and the USDA’s September estimate of 49.9.
U.S. Ending Stocks 2017-18
The USDA pegged U.S. 2017-18 corn stocks at 2.34 billion bushels compared with the average trade estimate of 2.25 billion bushels and the USDA’s previous estimate of 2.335 billion.
For soybeans, the U.S. ending stocks are pegged at 430 million bushels, compared with the average analysts estimate of 452 million bushels and the USDA’s September estimate of 475 million.
The U.S. wheat ending stocks were estimated at 960 million bushels vs. the average trade estimate of 944 million and the USDA’s previous estimate of 933 million.
Al Kluis of Kluis Commodities says the report is “definitely positive for beans” with the lower-than-expected U.S. soybean ending stocks. The market reaction to a higher corn yield estimate was positive, taking out futures prices that had been trading below previous support levels just ahead of the report’s release.
At the close, the Dec. corn futures finished 3¢ higher at $3.49, while March futures finished 3 1/4¢ higher at $3.62 3/4. Nov. soybean futures finished 26 3/4¢ higher at $9.92. Jan. soybean futures were 26 1/2¢ higher at $10.02 1/2. December wheat futures closed 2 3/4¢ lower at $4.30 1/2. Dec. soy meal futures finished $11.40 per short ton higher at $326.30. Dec. soy oil futures closed $0.13 higher at 33.28¢ per pound. In the outside markets, the Brent crude oil market is $0.71 lower, the U.S. dollar is higher, and the Dow Jones Industrials are 21 points lower.