Sunday Grain calls are higher. The grain trade will be on the lookout for news on President-elect Joe Biden’s international trade policy, especially with China. The equity markets opened higher tonight on news that the election has finally been called. Covid continues to race through the US and world, which will cause economic headwinds. South America was on the dry side this weekend, and dryness is forecasted to build. This should encourage the market to add weather premium into the market. The November WASDE report will be released on Tuesday. The average trade guesses are below. CFTC estimated Managed Money net long 48,000 contracts of SRW Wheat (unch); long 290,000 Corn (+14,000); net long 211,000 Soybeans (-22,000); net long 88,000 lots of Soymeal (+1,000), and; long 89,000 Soyoil (-5,000).
Average trade guess for US 2020 corn crop is 14,659 mil bu versus USDA Oct 14,722. One est 14,502
Average trade guess for US 2020/21 corn carryout is 2,033 mil bu versus USDA Oct 2,167. One est 1,701
Average trade guess for US 2020 soybean crop is 4,251 mil bu versus USDA Oct 4,268. One est 4,183
Average trade guess for US 2020/21 soybean carryout is 235 mil bu versus USDA Oct 290. One est 78
Average trade guess for US 2020/21 wheat carryout is 881 mil bu versus USDA Oct 883
USDA estimated US 2021 corn crop at 14,890. Private guesses range from 15,030 to 15,235
USDA 10 year range for US corn production starts near 14,890 mil bu and increases to 16,000
USDA estimated US 2021 corn carryout near 2,257. Private guesses range from 1,711 to 2,315.
USDA 10 year range for US corn carryout starts near 2,257 mil bu and increases to 2,800
USDA estimated US 2021 soybean crop at 4,465. Private guesses range from 4,475 to 4,591
USDA 10 year range for US soybean production starts near 4,465 mil bu and increase to 4,900
USDA estimated US 2021 soybean carryout near 255. Private guesses range from 168 to 215.
USDA 10 year range for US soybean carryout starts near 255 mil bu and increases to 300
USDA 10 year range for US wheat carryout starts near 880 mil bu and drops to 700
Most look for WZ to find support near 5.90 and KWN near 6.00. KC should gain on Ch
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