November 4th, 2014
Grain Marketing Specialist
Next Monday is the November WASDE Report.
As of 8:00am 6 lower
Yesterday’s Crop Progress report showed that corn harvest is at 65%. That’s up 19% from last week, and only 8% behind normal. Export inspections, yesterday, were at 16.8 million bushels. It was not that great, but we are still above last year's numbers,as a whole, for this time. Weather also lending to the slow harvest, with moisture expected to fire up from Texas through the Great Lakes region. Long term forecast suggest wet and cold for the Corn Belt. Below is the December Corn Chart showing that we will have a hard time busting through $3.75 on the board.
As of 8:00am 13 lower
Soybeans continue to see pressure. Export inspections, reported yesterday, were at 101.8 million bushels. China took about three quarters of these. Year-to-date inspections are up 17%. Harvest progress , in the US, is up to 83% which is in line with the five year average. Brazil’s weather is seen as favorable for seeding. As we see in the chart below we seem to have topped out. If you need to make a sale, now would be a good time.
As of 8:00am 3 - 5 lower
Wheat is again following the morning trade lower, despite closing higher at the end of trade yesterday. US is still facing competition, on price, with other world markets. Export inspections yesterday were poor coming in at 7.7 million bushels. US winter wheat plantings are at 90% with 77% of that emerged. Russia and the Black Sea Region are shown as dry for the next 10 days, which could lend a hand to our markets. Ultimately, there is no real reason why wheat should go higher. Things are just too good.