Grains are mixed at midday:
Corn +1 1/4 cents/bu (May @ 5.47 3/4)
Soybeans – 11 1/2 cents/bu (May @ 14.02 3/4)
Chi Wheat – 1/2 cents/bu (May @ 6.12)
Cdn $ +0.00250 (79.530 cents)
WTI Crude Oil +2.57/barrel (61.13)
Happy Friday everybody!
Trade estimates for next week’s planting intentions report has been released. The trade sees U.S. corn plantings at 93.2 million acres, up 2.6% from 2020 and up 1.3% from USDA's Ag Outlook. Soybeans are seen at 90 million, up 8.3% from 2020 but nearly identical to the outlook number. Wheat would be up 1.4% from 2020.
Estimates for the quarterly stocks report were also shared this week, courtesy of StoneX. These estimates would place corn and wheat at 6-year lows, while soybeans would reach 5-year lows.
Crude oil along with other outside commodities are higher, which is a support to the markets. Most of the trade seems to be getting into position for two reports to be released on the 31st, resulting in movement in the markets as contracts are bought and sold.
Safras and Mercado (Brazilian Consultancy) has revised their soybean crop up to 134.09 million mt, from 133.1 million in June due to better than expected yields.
The combined global 2020/21 stocks to use ratio of palm, rapeseed and soybean oil is forecast by the USDA at 9.78%, the tightest since 1993/94.
The funds report is due to be released this afternoon.