December WASDE today

Corn and soybeans were higher yesterday and trading a little lower overnight. We have the December WASDE report this morning. This is usually a quiet report compared to other reports but you never know what the USDA is going to do. Estimates have pegged a slightly lower corn carryout and a increasing total for soybeans. The soybean export number has to be lowered either this month or next and they need to raise corn use for ethanol as well. We will know more after 11 am and then we will be watching South American weather. It is hot and dry the next 2 weeks for some critical areas and that will keep the support under these markets for the short term if there is no overly bearish news out of the USDA. Weekly export sales for last week were stronger than expected for both corn and soybeans. NFC Grain Comments 12.9.21