Corn dn 6 cents, Beans up 3, Wheat dn 7 today.
Corn has put in a see-saw price performance this week, up 7 yesterday and down 6 today. Traders have also brought up concerns with northwestern dryness in the US corn belt with excessive wetness noted in the far eastern belt. On Feb 24th, USDA economists will project new crop supply and demand possibilities in the Ag Forum. Here are some rough estimates that the USDA could use for the up coming corn S&D
Planted 94.8 94.8 94.8
Harvested 87.2 87.2 87.2
Yield 164 155 147
Production 14300 13500 12800
Carryin 800 800 800
Total Stocks 15,100 14,300 13,600
Total Use 13,500 13,500 13,500
Carryout 1,600 800 100
Soybeans traded higher today after follow through technical buying from yesterday's rally. It seems as though some still aren't ready to give up on crop loss in SA, where many forecasts show really good rains throughout the driest regions in the next couple of days. Current new crop corn soybean ratio stands at 2.2
Scott Meyer