Market Comment
Today at 11 AM Central, the USDA will release its January U.S. and World S&D, the Quarterly Grain Inventory Report for US commodities as of 1 December 2024 and U.S. winter wheat actual plantings. The market expects U.S. 2024 corn yield to be reduced by a half bushel and the soybean bean yield reduced by a tenth of a bushel. Corn carryover might be decreased due to higher ethanol usage and lower production. Soy oil exports will likely see an increase.
We expect this report to be a non-event for soybeans and wheat, but friendly for corn, which could pull beans and wheat a bit higher.
We knew yesterday was the National Day of Mourning for President Jimmy Carter as the CBOT closed early. But when we discovered early yesterday morning the Weekly Export Sales Report, which is probably the most important weekly report from USDA, was going to be delayed a day because of Carter, Lance said, “The guy has been dead a week and he is still messing with grain markets!”