September 17, 2014
Grain Marketing Specialist
As of 7:45am 2 lower.
No real big news this morning as the market continues to shake out recent information it has been given. How bad was the frost in the NW Corn Belt? We will only find out that answer with weekly crop progress reports. The FSA certified acres report, yesterday, yielded mixed results. Prevent Plant acres suggest little change to planted and harvested acres, but planted and failed total acres suggest that there is a 3.4 million acre drop. Corn futures are holding at $3.37.
As of 7:45am 1 higher
Tuesday’s FSA report suggests that there is a 2.2 million discrepancy in planted acres. This projection, however, fell shy of any statistical significance due to small number of years of comparable data. Trade is still trying to figure out frost damage. Weather forecasts in Brazil are seen as favorable for soybean seeding. Argentina and southern Brazil do have chances of rain, which could potentialy set back planting in those areas. Soybeans are holding at $9.75 futures.
As of 7:45am unchanged - 2 lower
No real big news in wheat. France bought some wheat from Egypt. The significant information, from that trade, was that it was almost a dollar cheaper than any wheat originated out of the US Gulf of Mexico. Weather forecasts, for US Winter Wheat seeding, are seen as favorable, but there are some chances for moisture at the end of the week. MPLS futures holding at $5.61. KC futures are holding at $5.80.