October 28, 2014
Producer Marketing Manager
Big gains yesterday led by the Soy complex……follow through buying in the overnight session.
Have you downloaded the Wheat Grower Mobile App yet to keep up to date on markets?
CORN: As of 7:45 – UP 6
Harvest Progress released yesterday afternoon showed us at 46% complete, well behind the average of 65% as of this week. SD is at 34% harvested compared to the 5 year average of 60%. The northern plains look to be the furthest behind average when looking at state by state numbers.
SOYBEANS: As of 7:45 – UP 15
Nationwide harvest progress stands at 70% complete vs. the average of 76%. Most notable delays are in the eastern corn belt. These delays have eastern processors pushing to keep beans/meal in the pipeline. Meal was the leader yesterday closing up $26.60/ton. We did see two more export sales yesterday which added support.
WHEAT: As of 7:45 – MPLS UP 6, KC UP 8
Wheat was a follower of soybeans as well yesterday. Weekly export inspections were just 7.8 million bushels or less than ½ of the USDA # needed to reach annual objectives. The weekly total is the lowest number since late 2012.