Grain Markets Commentary
Oct WASDE 11 AM CST
Corn and soybeans settled mixed yesterday as traders look towards today’s WASDE report. The consensus is a trim in production and usage for corn and a mostly unchanged soybean balance sheet. Leaving us in the 1.0 to 1.26 billion range for corn carryout and 225 to 250 million range for soybeans. The corn crop does not look to get any bigger from here on out but it could get smaller but will it really get close to 170 or lower for national yield? It seems unlikely but 171 to 172 is a reasonable estimate. The soybean crop could be a little better than the current 50.5 but we will see if the WCB really pulls on that yield and keeps it down near 50 bu/acre. Our thoughts for today is that corn will have a harder time going lower compared to soybeans. For today, we are watching 6.90 & 13.62 for support and 7.04 & 14.02 for resistance before the report then we will see some volatility.