Grains mostly lower ahead of USDA reports
Corn futures are trading slightly higher this morning. USDA is scheduled to release its November WASDE report at 7:30 am CST. The report is expected to show another decline in corn production output. Analysts are expecting USDA to peg 2012/12 corn production at 10.647 billion bushels (average estimate) versus the October estimate of 10.706 billion. However, ending stocks are expected to increase to 628 million bushels from 619 million bushels in October.
Soybean futures are trading lower this morning. USDA is scheduled to release its November WASDE report at 7:30 am CST. USDA is expected to increase soybean production and yield estimates. Analysts expect soybean production to be reported at 2.892 billion bushels, higher than the previous month’s estimate of 2.860 billion bushels. Soybean yields are expected to be reported at 38.164 bushels per acres.
Wheat futures are trading lower this morning. USDA is scheduled to release its November WASDE report at 7:30 am CST. The average of analysts’ estimates project global ending stocks to decline to 170.969 million tonnes. The previous month’s estimates were estimated at 173 million tonnes. The trade is expecting to see sharp declines in production for Russia, Ukraine, and Australia.
Live cattle futures are called to open mixed this morning. Improved export demand sparked renewed buying interest in the complex on Thursday and is expected to support futures at the open of the pit. On the hand, pressure stemming from lower wholesale beef prices and cash trade uncertainty will keep prices on the defensive.
Lean hog futures are called to open lower this morning. Recent market gains are expected to be trimmed on profit taking and short term hog supplies (still very plentiful). Long term demand concerns are another factor that continues to burden futures prices. Cash trade is called mostly lower for today.
Cotton futures are trading mixed this morning. USDA is scheduled to release its November WASDE report at 7:30 am CST. The average of analysts’ estimates projects stocks at, 5.5 million, down 100,000 from last month. The range of estimates is from 4.0 million bales to 6.1 million bales.
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