August 15, 2016
Grain Marketing Specialist
Crop Progress Report out at 3:00 PM today
Stop by our booth at Dakotafest in Mitchell this week.
Corn: Up 3
Corn is bouncing back after bottoming out on Friday’s mostly bearish crop report. USDA increased yield by 7.1 bushels per acre to an average of 175.1. The USDA is now showing a 2.4-billion-bushel carryout for 16/17 as production increases by 613 million bushels.
Soybeans: Up 16
The USDA also increase yield for beans by 2.2 bushels per acre to an average of 48.9. With that yield increase USDA is expecting a 330-million-bushel ending stock. USDA also announced on Friday a sale of 258tmt 16/17 soybeans to China. The 6 to 10-day forecast has now cooler and wetter, helping fill beans.
Wheat: MW Up 5; KC Up 1
Increase in US production (up 60 million bushels) was well above trade expectations on Friday’s report; highlighted by a 19 million bushels (3.8%) increase in Hard Red Spring Wheat estimate. Yields were increased to a record 54.9 bushels per acre. Wheat quality is still an issue in Europe and may be in Russia as well, but too early to tell.