Zaner Ag Hedge Chief Marketing Strategist Ted Seifried is surprised with the average trade guesses ahead of Friday’s USDA reports. “I was thinking we’d have at least some analysts put out incredibly bullish expectations for this report as far as production is concerned,” explains Seifried. “I thought we’d see people estimating in the 150 range for a national average corn yield, with production numbers around 13 billion. I was worried it would set us up for a disappointment and different from what the market has factored in.” Seifried says traders will be focused on the production numbers, but the quarterly grain stocks may steal the show. “Early fall through now, we’ve had questions on basis. Where is all of this corn? If we really don’t have the corn, a lot of that will show up on the quarterly grain stocks report,” he says. “If that doesn’t happen, then we fall back on the production number, ending stocks and where do we go from here?”
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