What is the USDA going to show us tomorrow?

Corn and soybeans are trying to work higher off the early month sell off. Corn traded 5 cents higher and soybeans 2 cents higher as we look to tomorrow’s WASDE report. We expect the USDA to use trendline yield and acres intentions for their baseline 22/23 balance sheet tomorrow which will show a corn carryout near 1.55 billion bushels and 400 million bushels for soybeans. Those numbers are in the neutral range but that 181 bu/acre corn yield will be hard to achieve without some primo weather this summer. Throw on worries of prevent plant acres in the Northern Plains and a boatload of X factors in the world marketplace could result in a volatile reaction tomorrow. We think the major selling should be down for now but we could see a negative reaction off the report before moving back higher. Watch last night’s lows of 7.75 & 15.87 in July. Still no export news. NFC Grain Comments Options -5.10.22 (3)

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