Analyst watching domestic ending stocks in latest WASDE
A market analyst says his eyes will go right to the domestic ending stock numbers when USDA releases its June supply and demand estimates tomorrow.
Jamey Kohake with Paragon Investments tells Brownfield the average guess for corn is 2.15 billion bushels.
“We were at 2.098 (billion) in May, so the market is expecting a bearish number. But I assume right now with the way the market has been trading, a lot of that is already factored into the market. We’ll have to have a bigger number to sell off.”
He says soybean ending stocks were at 580 million last month with pre-report estimates around 577 million.
“So looking for more of a neutral report for the domestic side of beans.”
USDA’s June supply and demand report comes out at 11am central tomorrow.