Morning Market Review by Bryce Knorr
Morning Price Trends
Corn: Up 2 to 3
Soybeans: Up 15 to 20
Wheat: Down 5 to 8
Futures are trading mostly higher this morning, ahead of the latest USDA Supply & Demand reports that will provide the government’s first projections of 2012 production based on in-field surveys. The government’s updated balance sheets will show how it expects the rationing process to play out over the next year around the world.Futures
December corn posted a new all-time high for any corn contract overnight, posting follow through buying after Thursday’s gains.
Traders expect USDA to trim its forecast of 2012 production to 11 billion bushels with an average yield of 127.3 bpa. Farm Futures has the lowest estimates in the industry; we put the crop at just 9.86 billion bushels, with yields falling to 117.6 and harvested acreage off more than 4 million from the government’s June 30 forecast.