August 27, 2014
Grain Marketing Specialist
Corn: 2-3 Lower
Weather remains the driver still pushing the market down again yesterday, but with no threatening weather in the forecast, no one has yet pushed the corn market into a new contract low. Sept closed down 4 at 3.56 and Dec down 2 ½ at 3.63.Dec got within a few cents of the contract low of 3.58; we may find some support there. With the release of yesterday’s crop conditions, the corn condition at this point is the best since 1994. The weather has been favorable in most areas, but the northern tier may just need time to finish the crop.
Soybeans: 3-5 Better
Once again we saw new contract lows in the soybean market. Sept closed down 50 ½ at 10.75 and Nov closed down 1 ¼ at 10.28. With each rain this crop grows and grows, with widespread rains across the Midwest and with more precip in the forecast in the next 7-10 days. Highly followed agronomist Michael Cordonnier raised his national soybean yield .5 bushels to 45.5bpa.
Wheat: 1-5 Better
With decent world supplies and the negative pressure from corn and soybeans made for another tough day in the wheat market. Mlps Sept was down 4 ¼ at 6.12 and KC Sept down 1 ¾ at 6.21. Spring wheat harvest is pigged at 27% done compared to 49% average. This would be the 3rd slowest harvest in the last 20 years. There has been strong chatter of quality issues in ND with the excessive moisture they have received.