August 17, 2016
Grain Marketing Specialist
Stop by our booth at Dakotafest in Mitchell this week.
Corn: Up 1
Corn conditions remained unchanged at 74% good/excellent, which is the second highest rating for corn dating back to 1994. A really nice rain looks like it’s on the way in the next five days, with a couple warmer days followed by the onset of below-normal temperatures.
Soybeans: Up 4
Soybean futures closed slightly lower after trading both sides of unchanged yesterday. Funds sold an estimated 3,000 contracts of beans, 1,500 meal, & bought 1,500 soybean oil. Another reported sale of 119,000 tons of U.S. beans to China was announced yesterday morning. China’s purchases of new crop soybeans are currently estimated around 7.3 mmt vs 4.2 mmt for the same time last year.
Wheat: MW Up 4; KC unchanged
A lower dollar helped support grains, but closed mixed yesterday. Egypt has again increased restrictions for incoming wheat vessels, which are now required to be graded prior to unloading. They must meet the 0.05% tolerance level for ergot before any grain came be offloaded. Spring wheat harvest continues to progress between rain showers and is pegged at 48% complete.