Informa Reduces Corn and Soybean Production Estimates

In the overnight session the grains are trading higher with March corn up 1 ½ cents, January Soybeans up 3 ¼ cents and March wheat down ¾ of a penny. Yesterday, November 2018 soybeans broke through previous resistance set last month before the WASDE report and is now roughly 10 cents away from the contract high of $10.28. March corn is trading above the 20 day moving average this morning which could provide some intra-day support.

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Informa reduced their corn and soybean production estimates for Brazil for the 2017-18. Soybean production was reduced by 1 million metric tons to 110 million metric tons and corn production was revised lower by 3 million metric tons to 89 MMT. The company also reduced their estimate for Australian 2017-18 wheat production by 1.3 million metric tons to 20.3 MMT.

Statistics Canada released production numbers this morning, showing a larger than expected harvest. All wheat production was set at 29.98 million metric tons which was above expectations of 28 MMT. Canola production was set at 21.31 million metric tons which is a production record in Canada and above the highest trade guess of 21 MMT.

澳大利亚的气象局昨日宣布，热带太平洋的表面温度已达到La Nina水平。这种天气事件通常意味着北半球较冷的冬季，南半球湿润湿润。主席团还表示，目前的模型表明La Nina可能是弱者而不是持续长期。

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