Expecting a wild WASDE reaction.
Corn and soybeans have worked on both sides of unchanged overnight as we move into this morning’s USDA Report. The market is expecting a good cut in the corn yield, but a lot of the supply issues are priced into the market up here around 6.80 so we will need to see something close to 172 or lower to hold prices up near 7.00. On the soybean side of the ledger, the market expects a yield of 51-52 bushels, and we will be watching for any major changes in exports. Argy’s soybean dollar motivated farmers to sell over 3 MMT of soybeans and it is rumored that China was a big buyer of those beans last week. China is also thought to be buyers of 20 cargoes here last week, but we don’t know if export sales will be reported this week or not. After today’s report, we will focus on the possibility of a railway strike starting as early as Friday without Congress stepping in before that happens. For today, we will be looking at some wider ranges for price levels. In corn watch 6.56 & 6.92 and 13.75 & 14.42 for soybeans. NFC Grain Comments Options -9.12.22 (1)