June 17th, 2015
Grain Marketing Specialist
Reminder all ballots need to be received by Eide Bailly by 5pm TODAY.
Corn- UP 3 as of 7:45
The corn market managed to finish higher yesterday after testing near term lows Monday. The soybean complex strength played a key role in this along with mixed thoughts on if the current weather pattern is good or bad for the corn crop. Monday’s slight drop in USDA crop ratings also helped corn out yesterday.
University of Illinois economists predict bird flu will cause a 100mb decrease in feed usage, more than originally thought. Article out yesterday said Sully county Voters approved the building of Ring- Neck Energy Ethanol plant south of Onida SD. Sully County residents submitted 530 “yes” votes to 142 “no” votes.
Soybeans- UP 5 ½ as of 7:45
Soybeans market traded higher yesterday on planting delays and the declining crop conditions.
Planting progress was projected behind the 5 year average. Brazil and Argentina’s record crops are getting larger. There are roughly 11 million acres of soybeans to be planted yet in the US, and final yields are a big concern.
Wheat- Both Minneapolis and Kansas City UP 6 ½ as of 7:45
July Wheat closed slightly lower Yesterday. Mondays Crop Progress report showed that 11% of winter wheat was harvested, compared to the five year average of 20%. Weather continues to be key in the wheat market. The 6-10 day forescast has Oklahoma and most of Kansas in below to much below normal on precipitation. Harvest activity is minimal with harvesters waiting for the wheat to dry out