Beans are 4% harvested versus 2% on average and 1% a year ago.
Average trade estimate for U.S. 2012-13 wheat ending stocks is 704 mb; world wheat carryout for 2011-12 estimated at 198.3 MMT and 174.5 MMT for 2012-13. Average trade estimate for Wednesday’s USDA crop report has corn yield at 120.6 bpa versus 123.4 bpa in August. Total production estimated at 10.380 bb versus 10.779 bb in August. Soybean yield estimated at 35.8 bpa versus 36.1 in September. Total soybean production estimated at 2.657 bb versus 2.692 bb last month.
Average trade estimate for corn and soybean carryout in Wednesday’s report has old crop corn at 1.044 bb versus 1.021 in August. New crop corn at 592 mb versus 650 mb last month. Old crop soybean carryout estimated at 134 mb versus 145 mb last month, new crop estimated at 109 mb versus 115 mb in August.
The weather outlook is similar today as that of yesterday. A cold front will trigger showers and thunderstorms on Thursday with totals averaging between .25-.75” with Midwest coverage near 70%. Next week, temperatures look to average cooler than normal with precipitation near 80-100% of normal.
EARLY MARKET FEATURES
Another quiet session expected ahead of Wednesday’s S&D report.
Outside markets mildly supportive with a weaker dollar and stronger equities. Rain and cooler temps still forecasted to move across the Midwest on Thurs. Germany to rule tomorrow on participation in the European Stability Mechanism.
