September 3, 2014
Grain Marketing Specialist
Export sales will be released on Friday and Ethanol data on Thursday due to the Labor day holiday weekend
CORN – Down 3
December corn traded a very tight trading range of 5 ¼ cents yesterday as we are now 2 cents off the contract low. Crop conditions Tuesday afternoon reflected timely rains as the national G/E rating increased a point to 74% G/E. As far as crop maturity goes, the crop progress report showed the domestic corn crop at 53% dented, this is 14% ahead of last year and 6% behind the 5 year average. The chart below gives a breakdown of where each state is at in terms of % dented. Keeping in mind that we have anywhere from 30-35 days to black layer from that point…
SOYBEANS – Down 6
Export inspections on Tuesday were underwhelming as they were 1.4 mln bushels shy of what is needed to reach USDA expectations. Technically, November futures did fill a technical gap on Tuesday at $10.375. We still look for nearby support at $10.1975 SX14 and resistance at $10.74SX14. Soybeans setting pods were right in line with the 5 year average at 95% while the national condition rating also increased two points to 72% G/E.
WHEAT – Kansas City Down 4, Minneapolis Down 3
Large domestic and world supplies continue to weigh on the market with futures being pressured after the long weekend. Spring wheat harvest was estimated at 38% complete with condition ratings dropping three points to 63% G/E. Something to keep an eye on as we work through the month of September is quality in North Dakota with only 21% of the spring wheat harvested thus far.