Bullish report possible Tuesday
Will Tuesday’s USDA report be bullish? Some think so.
Traders are looking at slightly lower production numbers compared to October with the latest corn estimates coming in at 177.7 bushels per acre, slightly less than 178.4 in October. Bean yields are expected to be about three-tenths of a bushel smaller at 51.6 versus 51.9 bushels per acre last month.
Total ending stocks are also expected to be lower for both corn and soybeans.
“Most of the trade is looking bullish with less yields and less production,” Merrill Crowley of First Choice Commodities told The Central Illinois Farm Network last week.
With prices moving higher, you can pretty much bet fertilizer will go higher as well. Crowley feels if you have some to price, now could be a good time.