August 26, 2014
Grain Marketing Specialist
As talk continues of a big crop and rains falling in most of the Midwest, pressure was put on corn again. September closed yesterday at 3.60 down 5 ½ and December down 4 at 3.67 1/2. The December seems to find support around 3.65 than the contract low of 3.58. Yesterday’s Crop progress report saw an increase in G/E by 1% from the week prior to 73%. We also find that 83% of the crop is in dough stage and 35% is dented. Export inspections came in around 43 million bushels.
Soybeans: 3-5 Lower
Like corn, soybeans say pressure form beneficial rains and decent weather aiding in crop development. November closed down 12 3/4. November set other low at 10.26 (3 of the last 4 days this has happened) Crop Progress report revealed that 70% of the crop falls in the G/E category. Also 90% of the crop is setting pods compared to 83% the prior week.
Wheat became a follower yesterday and showed sympathy for the corn and beans, but still had problems of its own. Mpls Sep was down 9 ¾ at 6.17 and KC Sept down 10 ¾. Crop Progress showed 66% of the spring wheat was G/E, 27% of the crop is now harvested compared to 17% last week. We know that ND is delayed due to being to wet but most of the state is 2 weeks behind. Quality seems to be decent in ND spring wheat. The conflict between Russia and the Ukraine still remains in the news and being watched closely.