Focus will be on Tuesday's numbers
There are some big numbers to look at in Tuesday’s USDA report, but once we get past those numbers, the focus goes back to closely watching the weather forecast.
We could see some fairly high planted acreages in the report.
“We are being undercut on our corn bids for now by South America coming online and we made new contract lows in December corn on Thursday,” noted Wayne Nelson of L&M Commodities.
The report will also provide quarterly stocks and provide information on how much feed has actually been used. For corn, the average guess at quarterly stocks is 4.95 billion bushels. The average guess is 95.2 million acres with many thinking that should be closer to 94 million.
“A million acres can make quite the difference when it comes to the ending stocks,” Nelson adds. “Unfortunately, we would sort of need the weather not cooperate to help our prices.”