The reports are bearish, so initial price response was bigger price losses. Corn futures have bounced somewhat off those initial lows. Expect more volatility.  Production increased and ending stocks forecasts grew more than expected.

Corn Dec -2 364 (low 358); Jly -4 384; Dec16 -2 393 Bean Jan -11 855 (low 852); Jly -11 866; Nov -10 864 Meal -3 291 Oil -59 2718 Wheat Dec -7 495; Jly -8 503 KC -9 465; MGE -3 501 Oats unch 224 Rice +25 1205

Cattle futures are extending losses following Monday’s limit-down losses. LC Dec -257 12935; Apr -265 13097 FC Nov -272 17440; Apr -300 16330 LH Dec +22 5395; Apr -20 6220 Milk Nov +4 1555

US$ +.3% 99.34 Dow unch SP unch NAS -.4% Tran -.1% VIX -3% 16.00

WTI +1.4% Brent +.7% Gas -.5% NG +2.3% HO +.7% Eth -.9% Gold +.3% Slvr -.3%

5-yr -.022 1.714% 10yr -.011 2.331% 30yr -.008 3.099%

 

USDA released the following estimates with comparisons to the October report shown.

	Today’s USDA	October’s USDA	Change from month ago
Corn Yield	169.3	168.0 bu/ac	+ 1.3 bu/ac
Total Production	13.653	13.555 billion	+ 98 million
15/16 Exports	1.800	1.850 bil	- 50 million
15/16 End Stocks	1.760	1.561 billion	+ 199 million
Season Average Price	3.35-3.95	3.50-4.10	- 15 cents
World Coarse Grain Ending Stocks	247.16	222.9 MMT	+24.26 MMT
Soybean Yield	48.3	47.2 bu/ac	+ 1.1 bu/ac
Total Production	3.981	3.888 billion	+ 93 million
15/16 Exports	1.715	1.675 billion	+ 40 million
15/16 End Stocks	465	425 million	+ 40 million
Season Average Price	8.15-9.65	8.40-9.90	- 25 cents
World Soybean Ending Stocks	82.86	85.14 MMT	- 2.28 MMT
-   Brazil Prod’n	100.0	100.0 MMT	No change
World Wheat Ending Stocks	227.30	228.49 MMT	- 1.19 MMT