August 13th, 2015
Grain Marketing Specialist
Export sales out at 7:30.
Corn: Up 2 as of 7:45
Corn futures ended the day Wednesday down 19 after the August USDA report pegged U.S. corn yield at 168.8 bushels per acre, compared to Julys projection of 166.8 bushels per acre. Production was forecast at 13.7 billion bushels down 4 percent from last years record production. If these predictions hold true the US will see its second highest yield and third highest production on record. Ethanol numbers came back, up 4000 barrels a day while ethanol stocks were lower at 700,000.
Soybeans: Up 7 as of 7:45
The bearish August USDA report took its toll on beans yesterday as they finished the day down 61, only nine cents from the daily limit. The USDA report pegged nationwide yield at 46.9, up almost 1 bushel per acre from Julys estimate of 46.0 bushels per acre. US soybean production was estimated at 3.916 billion bushels on 84.3 million acres planted, which is down 1 % from June but up nearly 1% from 2014. Planted acres were reduced by .9 million.
Wheat: Minneapolis and Kansas City both Up 5 as of 7:45
Wheat followed in the bearish path of corn and beans to end the day down. Minneapolis ended the day yesterday down 10, while Kansas City ended the day down 13. All US wheat production was estimated at 2.136 billion bushels down 12 million from last month. Ending stocks for 15/16 are forecast to be 850 million bushels, 8 million higher than thought in July. Flooding in Argentina continues to be a concern for the wheat crop.