Tuesday November 8, 2022

• Markets trading either side of unchanged this morning as harvest warps up in the U.S. and trade awaits tomorrows USDA report
• Report Estimates:
  • Corn and bean yields steady at 171.9 bu/ac and 49.8 bu/ac respectively 
  • Expecting a slight increase in 2022/23 U.S. corn and soybean carryout 
• USDA has released baseline projections for 2023/24 planted acres
  • Corn pegged at 92.0 million, compared to this years 88.6 million
  • Soybeans pegged at 87.0 million, compared to this years 87.5 million
• U.S. harvest progress getting into final stages
  • Corn 87% completed, soybeans 94% completed 
  • Winter wheat ratings rebounded slightly to 30% good/excellent – still well behind average rating of 51% g/e