August 10, 2015
Grain Marketing Specialist
August USDA report out Wednesday. Contact your nearest Grain Marketing Specialist to have your targets in and working.
Corn Up: 4 as of 7:45
September corn closed up 3 on Friday with help from soybeans. Average trade guess for the August USDA report out Wednesday is for a yield of 164.5 bushels per acre and 13.327 billion bushels of production. Rains in the eastern Dakotas and Minnesota later last week benefited crops. Export sales for corn were poor last week. Old crop sales were in the negative and new crop sales were short of what was expected.
Soybeans: Up 7 as of 7:45
The bean complex had a great day Friday with support from weather, currency and export sales. November beans closed just above the 50 day moving average at 9.63 ¼ up 20 cents. The average trade guess for the report on Wednesday is for a yield of 44.7 bushels per acre and 3.724 billion bushels of production. The USDA announced that 132,000 MT of soybeans were sold to china for 15/16. New crop sales to china have not been this slow since 2008.
Wheats: Minneapolis and Kansas City both Unchanged as of 7:45
Wheats followed soybeans on Friday to close higher on the day. Minneapolis September closed up 6 ½ cents on the day. Kansas city September closed up 3 ½ cents. The average guess for all wheat production in Wednesdays report is 2.159 billion bushels. Spring wheat harvest is expected to be 20% done in today’s Crop Progress Report, compared to the 5 year average of 21%.