October 6, 2014
Producer Marketing Manager
All grains are higher on the board this morning…….
CORN: As of 7:45 – UP 5
The growing season is officially over for most of the Dakotas and Minnesota as temps dropped into the 20’s on Saturday morning. The 6-10 day is wetter for the eastern Corn Belt. U.S. corn harvest estimated at 20-25% as of Oct. 5 vs. approx. 20% last year and the 5-year avg. of approx. 32%.
SOYBEANS: As of 7:45 – UP 14
Harvest rolls on!! In this afternoon’s Crop Progress report, the trade expectation is for 26% of the soybean crop to be harvested. The 5 day precip forecast looks very conducive for good harvest progress across all of the upper plains. The Nov soybean contract has been very range bound over the last week (9.30 – 9.04).
WHEAT: As of 7:45 – MPLS Up 6, KC Up 8
Stats Canada also released their crop estimates on Friday and the ALL Wheat number was 27.5 mmt vs the estimate of 28, but more importantly……..what percent of that total is milling quality? Hearing some reports of up to half of the wheat crop is a #3 grade or lower.