September 12, 2014
Producer Marketing Manager
Stay on top of cash prices, futures markets, and info with the Wheat Growers Grain Marketing App!
Cold air looked to be confined to Northern MN and the very western edges of the Dakotas this morning. Lows in the Aberdeen area look to be around 36 tomorrow morning and then we warm up into next week.
CORN: As of 7:45 – Steady
Quick recap of yesterday’s WASDE report…….Raised production to 14.395 billion bu, using a 171.7 yield. On the demand side we increased usage by 170 million bushels (+25 exports, +75 feed, +50 ethanol, +20 Food/Ind). This brought total carryout for next August 31 to 2.002 billion bushels. The general consensus is that this crop will continue to get bigger on the October USDA Supply/Demand report.
SOYBEANS: As of 7:45 – Up 3
WASDE recap…..On the supply side production was up slightly to 3.913 billion bushels, using a 46.6 yield. ON the demand side we increased usage by 42 million bushels (crush +15, exports +25, and residual +3). Total carryout grew by 45 million bushels to 475 million vs 130 we had this past year.
WHEAT: As of 7:45 – MPLS Down 5, KC Down 3
Winter wheat ending stocks grew by 15 million bushels due to a drop in the export category by the same amount. Hard Red Spring wheat also seen an increase in carryout due to an increase in production by 10 million and a drop in exports of 10 million for a net change of 20 million more bushels on the balance sheet.