October 14, 2015
Producer Marketing Manager
CORN: As of 7:45 – UP 1
Yesterday corn was a reluctant follower of soybeans and wheat, it ended up closing 3 ¾ higher on the day. Export inspections were weak at 22.6 million bushels and we remain behind the pace needed to reach USDA’s expected export number of 1.85 billion bushels. Harvest progress is moving along with 42% of the corn crop harvested. IL and MO are well ahead of pace with their smaller than normal crop.
SOYBEANS: As of 7:45 – Up 3
Beans were the leader yesterday, posting gains of 26 cents on the day! This was the highest closing price on the November contract since August 17th and moved out of the channel we have been trading in for the past couple of months. Seeing some follow through buying this morning after trading most of the night session in lower territory. Weekly export inspections were large last week at 67.3 million bushels, well above the expected range of 40-48. 21.7 million of those were lifted out of the PNW last week.
WHEAT: As of 7:45 – Steady to down 1
Wheat was also a leader yesterday along with the soybean complex. Most of the news was in regards to dryness concerns in Russian as well as in the HRW growing areas of the US. Export inspections were dismal at 10.7 million bushels…..below the 16.5 million needed to reach USDA numbers.