CORN

• Corn futures are now higher at midday, supported by the rest of the grain complex. March futures are up 1-1/4 cents to $4.30-00.
• Today’s WASDE report isn’t expected to show dramatic changes. Estimates expect a lower US ending stocks number compared to the January report. Global stocks are expected to increase due to rising production in Brazil.
• According to AgRural, Brazil’s first crop corn harvest is seen at 15% complete, up from 9% through the same period last year.

SOYBEANS

• Soybeans remain firmly higher at midday, supported by China purchases yesterday and lower expected US ending stocks in today’s WASDE. March futures are up 10-1/2 cents to $11.21-1/4.
• Today’s WASDE report is expected to show a slight decline in US ending stocks to 348 mb. Global stocks are expected to increase due to increased production estimates in Brazil.
• Brazil’s soybean harvest is now seen at 16% complete according to AgRural. Harvest pace is up 6% from last week and 1% from the prior year.

WHEAT

• Wheat futures are mixed at midday, with KC contracts edging higher. March KC is up 2-00 cents to $5.30-3/4, March Chicago is down 00-1/2 cent to $5.28-1/4, and March Minneapolis is 00-1/4 cent higher to $5.70-3/4.
• Estimates for today’s WASDE show a slight decrease to US ending stocks from 926 mb to 918 mb. Global stocks are expected to trend higher on increased global output.
• Weather forecasts are showing precipitation over the Midwest and Plains states this next week which may act as a headwind for any significant upside potential.

Author

Tanner Wilson