What is the USDA going to show us today?
Corn and soybeans are moved higher yesterday the day before the new crop balance sheets are released. Corn was up 13 and soybeans gained 14 cents. As we look at today’s release, we expect the USDA to use trendline yields and acre intentions for 22/23 production and you pair that with the demand numbers from the outlook forum and you will get corn carryout at around 1.55 billion bushels and soybeans near 400 million bushels. So, if the USDA bumps demand numbers in either old crop or new crop we could get some supportive price action moving forward. The USDA must lower South American production and then make some major assumptions on the Ukraine fallout. Weekly export sales were terrible and marketing year lows across the board but we finally got a flash sale after over a week of nothing with China buying 612K tons of corn. Northern Plains have had another round of rains this week. Could be a wild ride today but the markets should be well supported on any major pullbacks. NFC Grain Comments Options -5.12.22 (1)