3 Big Things Today, January 11
1. Grains, Beans Lower in Overnight Trading Ahead of WASDE
Corn, beans, and wheat were all slightly lower in overnight trading ahead of today’s World Agricultural Supply and Demand Estimates (WASDE) and the December 1 Stockpiles Report.
Stockpiles at the start of last month likely rose year over year, and the U.S. Department of Agriculture is expected to increase its production forecast for corn and beans in Brazil, according to trade estimates.
The U.S. output numbers likely will be little changed since December.
Corn futures for March delivery fell 1¼¢ to $3.57 a bushel overnight on the Chicago Board of Trade.
Soybeans declined 1½¢ to $10.12¼ a bushel in Chicago. Soy meal futures dropped $1.30 to $316.20 a short ton, and soy oil futures rose 0.06¢ to 35.70¢ a pound.
Wheat for March delivery in Chicago fell 3¢ to $4.23¾ a bushel, and Kansas City futures declined 3¢ to $4.35¼ a bushel overnight.
2. USDA Expects Brazil Corn, Bean Output to Jump; U.S. December Stockpiles Higher
The U.S. Department of Agriculture is expected to increase its outlook for Brazilian corn production in its monthly WASDE report on Thursday, according to traders and industry analysts.
Corn output in Brazil is pegged at about 87 million metric tons, up from 67 million a year earlier, according to market watchers. Soybean production in the South American country will total almost 103 million metric tons, well above last year’s 97 million tons.
In Argentina, corn output is pegged at 36 million metric tons, up from 29 million last year. Soybean production likely will be reported at 56.2 million tons, actually below last year’s 56.8 million, according to the trade.
Stockpiles of corn on December 1 likely totaled 12.2 billion bushels, up from 11.2 billion last year, analysts said. Soybean inventories at the start of last month probably totaled 2.95 billion bushels, up from 2.72 billion last year.
U.S. corn production will likely be pegged at 15.2 billion bushels on yields of 175 bushels an acre, little changed from last month, according to market watchers. Soybean output will likely be reported at 4.37 billion bushels on yields of 52.7 bushels an acre, also little changed month to month.
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3. Winter Weather Watch Issued For Southern Missouri as Ice Moves In
A winter storm watch has been issued starting tomorrow in parts of southern Missouri, according to the National Weather Service.
A winter storm that has potential to bring “significant icing” starting tomorrow and running through Saturday is bearing down on the state, NWS weather maps show. Accumulations of more than a quarter of an inch of ice will be possible.
Winds are expected to be light, topping out at 10 mph. Still, the precipitation will make travel conditions extremely hazardous, the NWS said.
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