August 21, 2015
Producer Marketing Manager
CORN: As of 7:45 – Steady to up a penny
We were steady overnight after posting gains for the third straight day. The ProFarmer tour will have their findings reported today and with the run up in futures this week, the market looks to expect something in the 164-166 range…..vs the USDA 168.8 August 12th number. They did peg IA at 180.25 bu/A, just below the USDA number of 183. MN is big at 190.87….above the USDA estimate of 184.
SOYBEAN: As of 7:45 – Down 5
Funds bought 7k today on a commodity wide rally. The Nov contract closed up 13.75 in reversal type action after making a contract low at 8.88. This is the lowest level since 2009. Rains have been fairly widespread and beneficial. Export sales yesterday were decent on new crop sales as we were at the upper end of trade estimates at 28.8 million bushels (15.7 going to China and 6.2 to unknown).
WHEAT: As of 7:45 – Mpls Down 3, KC Down 5
Wheat futures were stronger as well yesterday led by a weaker US Dollar and commodity buying. Export sales yesterday of 11.6 million bushels were on the light end, but within the range of expectations. Stats Canada was out this morning with its August estimates……All wheat production was at the low end of the range at 24.6. This is down from the 27.1 number released in July. USDA was penciling a 26.5 number in August.