Grain Marketing Specialist
Corn Down 2 as of 7:45
September corn ended the day Friday down 5 ½ cents, down 2 ¾ cents for the week. The December contract ended the day down 6 ½ cents Friday, down 4 ¼ cents for the week. Monday Crop Conditions report showed US corn up 1% to 76% good to excellent with South Dakotas rating down 1%. Tuesdays WASDE report increased corn ending stocks for 2016-17 to 2.08 billion bushels, up 73 million bushels from the June WASDE estimate. Production was pegged at 14.54 billion bushels which was within the average range of pre-report guesses.
Beans Down 13 as of 7:45
August bean futures ended the day down 11 ¼ cents on Friday, while the November contract ended the day down a nickel. For the week, August was down 8 ¾ cents while November was down a half cent. Mondays Crop Conditions report put US soybeans up 1% at 71% good to excellent. Tuesdays WASDE report increased world bean production to 3.88 billion bushels up 80 million bushels from the June report. USDA increased ending stocks for the new crop to 290 million bushels up 30 million bushels from the June report.
Wheat Minneapolis Unchanged Kansas City UP 1 ½ as of 7:45
September Minneapolis Spring Wheat ended the day Friday down 3 ¼ cents, for the week the September contract was down 4 ¼ cents. September Kansas City Winter wheat ended the week down 7 ½ cents with a 4 cent loss on Friday. In Mondays Crop Conditions report US SW was down 2%, with South Dakota being down 3% and ND being Down 4%. Winter Wheat harvested was set at 66%, up 8% from last week and ahead of last year by 4%. South Dakota WW harvested increased by 15% from last week to 21% harvested.