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| There are no major changes expected from this report. This report is typically not as big of a market mover as for example the one in May or June after we really get into planting and growing.
In this report they are expecting US corn carryout to be -60 million less than last month, with bean carryout to be slightly higher and wheat carryout to be higher as well.
For world carryout they are expecting both corn and bean carryout to be down from last month while wheat is expected to be slightly higher.
Now if we get a surprise, the Brazil numbers could be one that provides a surprise. All eyes are on the South America numbers.
There is some wide ranges for that crop. For their corn they are expecting 121.75 down from 124 last month with a range of 118 to 124.
They have beans at 151.68 down from last months 155 with a range of 148 to 155.
USDA reports are impossible to predict, but with bean basis improving +90 cents the past few weeks, it has me thinking that maybe we see this crop slightly smaller. But then again they are already expecting a pretty large -3 million cut.
Argentina has produced a great crop thus far, however I have heard some chatter that their corn crop could be suffering a little from too much disease and pest infection. However I am not expecting that to show in this report.
CONAB comes out before the USDA tomorrow. Last month the CONAB had 112.7 for corn and 146.9 for beans. Both still far smaller than what the USDA estimates are expecting.
Overall this report could be friendly or negative, nobody knows. However if we do get a negative report I don't think this report has the potential be to "extremely" negative.…
Read the rest of todays grain market update where we go over the report, strategies you can use heading into it, why we will probably get a weather scare in corn and more
Read Here: https://txt.so/xh4Mzt
Estimates Below*
Edited by Mr.Grain 4/10/2024 19:25
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USDA & CONAB Tomorrow
