August 16, 2016
Grain Marketing Specialist
Stop by our booth at Dakotafest in Mitchell this week.
Corn: 1 to 2 Higher
Higher oil prices helped push commodities yesterday. Export inspections came out at 46.2 million bushels; in line with the expectations of 43 to 51; and much higher than last year (chart below). China is expected to sell 1.89 MMT of reserve corn stocks today. Good/Excellent conditions remain unchanged this week at 74%, higher than 69% last year.
Soybeans: Unchanged to 4 Higher
Beans rallied yesterday on world demand and also quality concerns and harvest delays in the Delta because of rain. Good/Excellent conditions remained unchanged at 72%, well above 63% last year. NOPA crush report came out at 143.7 million bushels, a full three million below the average guess and near the low end of the estimate range, and down from 145.1 mbu last month and last July's record 145.2 mbu crush.
Wheat: Down 1 to Up 2
Spring wheat harvest is 48% done; ahead of last year’s pace by 2 points. Good/Excellent conditions dropped 2 points this week to 66%. Had excellent export inspections last week at 23.0 million bushels, higher that the expected range of 15 to 22.