Mixed markets overnight as traders are awaiting the USDA WASDE report that comes out today at 11 AM. Overall the market still seems a bit-tired waiting for the next reason to make a move. The weather forecasts are being watched closely as rain chances look better over the next few weeks but until rain is received grains should be supported. The reduction in crop ratings this week did not give the market much strength as demand continues to be weak and concerns about the world economies are evident. The WASDE report looks to be a non-event. Average trade guess for carryout in old crop corn is 1.452 billion bushels, new crop 2.237 billion bushels. For old crop soybeans it is 221 million and new crop 341 million. Even if we do reduce the production due to planted acres and drought, we will likely see a significant increase in carryout this year, especially in corn. Once the report numbers are looked at the traders will go back to trading the weather. Have a great weekend!
