Finally, the day you have all been waiting for. The 32nd anniversary of the day the Belin Wall was opened. Ironically, it is also the 83rd anniversary of Kristallnacht, both watershed moments in the history of Germany and much of the rest of the world. As important as both of those events were, for our purposes this morning, the critical story for we in the grain markets will not be revealed for a couple more hours; The November Production and Supply/Demand reports. As I have noted previously, this will be the final production figure until January, and as is always the case, how we close for the day should be as telling for future price active as the report itself.
Once again, here are the trade estimates. The average estimate for corn production has settled in at 15.05 billion bushels, coming from a yield of 176.9 bpa. This compares with 15.019 billion bushels and a yield of 176.5 on the October report. Ending stocks are projected to come in at 1.482 billion, versus the 1.50 number last month. In beans, the average production number is 4.483 billion bushels from a yield of 51.9 bpa. Ending stocks are expected to total 364 million bushels compared with 320 million previously. Wheat ending stocks are expected to come through at 581 million, which would be up 1 million from last month. On the global scene, corn ending-stocks, are expected to total 301 MMT, down from 301.74 last month. Beans at 105.5, versus 104.57 and wheat at 276.7 MMT, compared with 277.18 last month.
Conditions continue to remain favorable for farmers in Brazil and bean planting moved ahead 15% last week, reaching 67% complete. This compares with 56% a year ago at this time. Dr. Cordonnier is currently projecting a crop of 144 MMT, which is the same at the current estimate by the USDA. Last year, Brazil produced 137 MMT. First season corn in that nation is now 75% planted, 7% ahead of last year. Dr. Cordonnier is projecting production of 118 MMT. The USDA is currently at 118, and last year they produced 86 MMT.
Weather conditions in Argentina remain quite variable. Corn planting barely moved ahead last week and stands at 28.4% complete. This compares with 30.9% last year and an average of nearly 37%. For beans, the Exchange estimates that planting has reached 7.1% compared with 4.1% last year and 9.4% on average. Dr. Cordonnier is estimating a 50 MMT bean crop and 53 MMT for corn. Last year, these came in at 46.2 and 50.
We have a few more inflation headlines this morning. The October Producer Price Index Final Demand increased .6%, which was right at expectations. Minus Food and Energy, the increase slips to .4%, versus the expected .5%, and October Personal Consumption grew by .5%.
In the macro scene this morning, we have energies higher, metal mixed, equities, and the dollar soft and financial instrument quite strong. It is worth pointing out that bonds continue to gain on notes, further flattening the yield curve.
