October 1, 2015
Producer Marketing Manager
CORN: As of 7:45 – Steady
Yesterday’s Quarterly Stocks report was in line with trade expectations at 1.731 billion bushels on Sept 1, but still provided us some significant volatility in the minutes after the release at 11 am. The market declined after the report before staging a little rally and closing unchanged on the day. Now we switch back to harvest progress, yields, and demand. Speaking of demand……corn export sales out this morning were as expected at 29.5 million bushels this week. (This is also the weekly number we need to hit to reach the USDA number for marketing year exports.)
SOYBEANS: As of 7:45 – Up 2
Volatile on yesterday’s report…….the Nov contract was up 20 cents on the release before quickly falling back to lower values shortly after. We did fill many $9.00 futures targets in that split second rally! Have your targets in and working. Sept 1 stocks were reported at 191 million vs 205 million expectations. Export sales were an impressive 92.1 million bushels this week……slightly larger than the 48-62 range that the trade was expecting.
WHEAT: As of 7:45 – Up 3-5
Wheat stocks were below trade estimates and pushed all the wheat pits higher on the day. The Small Grain production number was also released yesterday and was lower than estimates. However, at the end of the day we are uncompetitive in the world market and we have ample stocks.