September 10, 2014
Producer Marketing Manager
September USDA Supply/Demand report is out tomorrow morning @ 11:00 AM.
CORN: As of 7:30 – Steady
Corn futures continue to struggle amid larger yield reports and diminishing chance of a frost event across the northern plains. Looking at world prices we are not the cheapest supplier of corn even though we are looking at a nearly 2 billion bushel carryout. Suppliers like Argentina, Ukraine, South Africa, and Brazil are all posting cheaper numbers to move their exportable surpluses.
SOYBEANS: As of 7:30 – Up 2
Nov soybean futures made new lows yesterday and traded below $10 for the first time since September of 2010. USDA reported another 120,000 MT sale of 14/15 beans to unknown (China) again yesterday. The trade is expecting the USDA to bump soybean yield 0.9 bu/a to a record 46.3 bu/a.
WHEAT: As of 7:30 – MPLS and KC Down 3
The US dollar has been on a run and is trading at the highest level in 4 years, making it more difficult to export commodities and curbing demand for US wheat.