Commentary
Corn, soybean, and wheat prices posted new lows for the move overnight, with corn prices posting new three-year lows, and Kansas City and Minneapolis wheat posting more than 2-1/2-year lows. A strong Dollar ahead of the Ag Forum tomorrow had sellers active on this break to new lows across the grain Board. Looking at the AG forum release tomorrow for corn and beans. For beans the trade is estimating a national yield of 51.7. Last year they projected 52. Average acreage estimate is 86.5 million acres with a range of 85 to 88. If realized, we could see ending stocks swell to 400 million bushels. Final 23 yield as it stands now is 50.6. For Corn the average trade guess for yield is at 180.4. Last year we saw yield projected at 181.5. This past January’s number yield was just above 177. The estimate comes on acres at 91.8 million with a range of 90.2 to 92.9. if realized ending stocks could push to 2.6 billion bushels. Keep in mind regarding the AG forum, this is just a first guesstimate and in some years void of reality. That said, the numbers if outside of the range of guesses could impact price.
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