August 28, 2014
Grain Marketing Specialist
Corn: 1-2 Better
Strong early performance in the south, and rains in the north continue to make it hard for corn to hold its head above water. Yesterday we closed September unchanged at 3.56 and Dec was also unchanged. We did see a push on the overnight, we will see if we can hold it. Ethanol numbers fell about 24k around 913k. Yield reports have come back above average down in the southern corn growing areas.
Soybeans 3-5 Better
With precip almost everywhere, to push the beans along, it has most optimistic on yields. This has put the market under pressure and yesterday was no different. November closed down 4 ¼ at 10.29. We have seen a slight push on the overnight. Bean harvest in the southern areas has started and yields so far have been above expectation coming in around 50 + bpa. With limited amounts of new crop beans hitting processors in area’s, has caused some volatility in bids.
Wheat: 1-5 better
The story on wheat doesn’t change much, with huge world wheat supply, strong spring wheat yields and poor corn performance doesn’t not help support wheat cause. Mlps closed down 5 3/4: and KC finished the day strong up 7 at 6.28. The wheat is very sensitive with the actions going on in the Ukraine. We are seeing some high moisture levels in ND as they continue to wait to get back in the field. How much quality damage is already done?