Corn +1 @ $6.43
Beans -1 @ $12.31
Wheat -1 @ $6.61
Good afternoon bloggers. Choppy trading day, but commodities closed near unchanged on the day. Corn had a 16c trading range , but was able to make it back to +1c. Trade is expecting a bullish corn and bearish bean USDA report tomorrow. Corn carryout is expected to be significantly less, yet corn acres are expected to be at an all-time high. Corn carryout is expected at 51mbu less than January's report. Ethanol and feed are expected higher which contributes to carryout decrease. Bean carryout expected to remain steady tomorrow (unchanged to 2mbu less). Argy and Brazilian bean production is expected to be 2-3 MMT less. Illinois corn river basis remains steady to firmer. Illinois river soybean basis is steady to weaker.
USDA numbers come out around 7:30am tomorrow morning. We'll be sure to send out the info as soon as we get it.
If you have any suggestions on what you want to see more in the blogs, morning comments, or text messaging, please let us know. Thanks.
Stay classy Illinois,
Nathaniel Dubravec