October 7, 2014
Producer Marketing Manager
CORN: As of 7:45 – Down 1
Crop progress out yesterday afternoon indicated 17% of the crop was harvested, 5% from last week. This was below trade expectations (20-25%). Rains forecasted for the eastern corn belt should continue to hamper corn harvest efforts there.
SOYBEANS: As of 7:45 – Down 1
After yesterday’s bounce of 30 cents, will we hold and bottom or continue the slide? Yesterday’s activity was mainly focused on fund short covering prior to Friday’s USDA WASDE report. We did inspect 35.8 million bushels of soybeans for export last week, which was above expectations as NC beans hit the ports.
WHEAT: As of 7:45 – MPLS Up 1, KC Up 2
Wheat Export inspections of 23.9 were strong, just above the top end of expectations and led by HRS at 10.1 million bushels. Wheat market followed row crops higher yesterday and also got some help from a drop in the Dollar. Winter Wheat seeding is well under way with SD @ 79% planted. Some delays due to rain are reported in the Soft Red Winter Wheat crop in the eastern corn belt.