October 13, 2014
Grain Marketing Specialist
USDA is closed today due to Columbus Day. Progress report out tomorrow
Corn: 1-5 Lower
Wide trading range over night as corn as weather stayed clean of most areas that had a combine in it. Although the weather outlook for the next 5-7days looks wet in the east. In other areas the forecast looks favorable with above average temps and below average precip. The corn market is still trying to wrapped is head around Fridays report numbers. Some think we may still see yield increases in the future. Since USDA is closed today no report for crop progress, expected number is 25% complete. Average is 41%
Really volatile trade overnight on the beans as they had a .16 trading range as weather slowed down machines, especially in the east. The WCB on the other hand should have had a big weekend as weather was very favorable. As with corn, the beans are still dealing with Fridays numbers, and possibility of seeing yield increases on future reports. Progress is expected to be around 35-40% with the average around 55%. Meal market remains firm and is still trying to provide support to the bean market as the crop gets bigger.
Wheat market tried to be the leader but by day light hours became weaker as wheat is still trying to find its identity. There has been some struggles to get seed in the ground in places especially in the southern and eastern growing areas. The big surprise on Friday in the wheat is that USDA reduced the carryout by 44 MB.