September 8, 2014
Producer Marketing Manager
CORN: As of 7:45 – Down 7
Talk of a cool down and potential for frost in the upper plains had the market on edge to finish out the week. This morning we are trading lower on all the grains as the forecasts this morning don’t look quite as cold as they did on Friday. Aberdeen is forecasted to be in the mid-30’s for lows later in the week as seen below.
SOYBEANS: As of 7:45 – Down 7
Nov beans were up 18 cents on Friday, negating Thursday’s losses. Momentum coming from the weather forecast and the potential for crop damage due to cold temps. Crop maturity looks to slow down in then next week or so, regardless of the frost threat.
WHEAT: As of 7:45 – MPLS Down 6, KC Down 9
Some harvest progress thru the weekend in the Dakota’s. It will be interesting to see what USDA has for % harvested in this afternoon’s crop progress report. Stats Canada numbers released Friday morning showed all wheat stocks slightly below the average trade guess (10.7 MMT) at 9.795 MMT - well above current USDA's forecast of 9 MMT. HOWEVER, despite being below expectations Canadian stocks are at a 20 year high.