USDA Report At 11:00 AM CT Today

Corn (December): Today is the day that we've all been waiting for; end of the month, end of the quarter, and the quarterly USDA stocks report. This has the potential to add volatility to the markets and give us misleading intraday moves. Recent history shows a friendly trend in the quarterly stocks reports, trading 4% higher in 6 of the last eight report days. The average analyst estimate is 1.155 billion bushels. This would be a notch below the 1.187 we saw in the USDA report at the beginning of the month. This morning's weekly export sales report showed net sales of 370,400 MT for 2021/2022.

Soybeans (November): It's the last trading day of the month and quarter, which could throw some wrenches into today's price action, not to mention we have a USDA report out at 11:00 AM CT. As with corn, recent quarterly stocks reports have been friendly for soybeans, too, closing higher on the last nine quarterly stocks report days. The average analyst estimate is .174 billion bushels, just a hair below the .175 we saw in the USDA report at the beginning of the month. In addition, this morning's weekly export sales report showed net sales of 1,093,900 MT for 2021/2022.

Wheat (December): Chicago wheat futures were relatively mute yesterday and are echoing that same sentiment in the early morning trade as market participants await today's quarterly stocks report. The average analyst estimate is 1.852 billion bushels. The US Dollar broke out yesterday, something we've been talking about for the better part of the last two weeks. Nevertheless, grains held remarkably well considering the move in the currency. This morning's weekly export sales report showed net sales of 290,100 metric tons (MT) for 2021/2022 were down 19 percent from the previous week and 30 percent from the prior 4-week average.

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