Wednesday was an exceptionally quiet day of trading ahead of the October crop report. The October yield estimate is typically much more accurate than previous reports as actual harvest data is incorporated. Yield reports have been highly variable across the Midwest, ranging from record large to 15 BPA less than a year ago. There is…
Bottom Line: Relative to past reports, the range in trade estimates for the 2017 October Crop Report’s soybean estimate is below average. That’s three months in a row that trade estimates for the soybean crop have been narrow relative to the historical ranges observed over the previous 32 years past years. A relatively narrow range…
** The morning has been dull with the grains lower while soybeans trade either side of unchanged. The market is preparing for a bearish October USDA Crop Report on Thursday with the US corn and soybean yield likely to increase, while WASDE raises their Russian wheat crop estimate by another 2-4 MMTs to 183-185 MMTs.…
Bottom Line: Relative to past reports, the range in trade expectations for the 2017 October Crop Report’s corn estimate is about average. Maybe that’s because the trade underestimated the 2017 August and September Crop estimates by relatively large margins? A wide range in estimates decreases the odds that the market might be “surprised” by the…
Does the Canadian and Australian drought ease?
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