October 5th , 2015
Grain Marketing Specialist
USDA Crop Progress Report out at 3 P.M. today, USDA Crop Production Report out Friday at 11 A.M., speak to your nearest Grain Marketing Specialist to have your targets in and working.
Corn- UP 1 as of 7:45
The corn market traded around in a 5-6 cent range Friday. December corn ended the day unchanged Friday with support from a weaker US dollar. Last Monday, USDA put corn harvest in the US at 18 % complete, behind the five year average of 23%. Today’s progress report is expected to be at 25%. So far early harvest reports in the WCB have been good, though the ECB reports are highly inconsistent and tough to get a good sense of overall yields so far.
Soybeans- UP 4 as of 7:45
Mondays USDA crop progress report put beans harvested at 21% last week up 14 % from the previous week. Today’s progress report is predicted to be at 40-50% harvested. Weather was favorable for harvesting over the weekend across the central US. Informa Economics pegged the US soybean crop at 3.878 bb with a yield of 47.2 bpa. This compares to their previous estimate of 3.924 bb with a yield of 47.0 bpa. The USDA is at 3.935 bb with a yield of 47.1 bpa.
Wheat- Minneapolis & Kansas City Both UP 4 as of 7:45
The wheat market closed lower on profit taking after last week’s price rally. The week ahead looks mostly favorable for winter wheat planting with rain expected in West Texas. Outside the U.S., harvest will continue in Canada this week, but early winter wheat conditions remain dry in Ukraine and Russia. Australia's wheat crops are being stressed by hot and dry weather for a few more days.