August 25, 2016
Producer Marketing Manager
CORN: As of 7:45 – Steady
Profarmer tour participants had mud on their boots across IA and IL yesterday. They will finish up in IA today and both legs will meet in Rochester, MN tonight. We will see their final estimates for the US crop tomorrow afternoon. Their results for SD, OH, IN and NE suggest a much smaller YoY increase on yields than USDA. The tour estimated the Illinois Corn yield at 193.5 bpa (vs USDA at 200 and last year tour estimate of 171.6), in Western Iowa, they came up with a Corn yield of 187.7 (vs USDA current estimate for Iowa is 187 bpa. and 179.5 last year tour estimate). Export sales numbers out this morning ware strong for NC sales and slow in the old crop slot, as expected as we near the end of the crop marketing year.
SOYBEANS: As of 7:45 – Down 6
Soybean futures struggled Wednesday, and even spent a little time under $10.00. They did perk up late in the session to close down 8¼ cents at $10.05¼. The flow of pod counts from Iowa and Illinois were big, as the prior two day counts were big as well. Moisture is abundant across most of the nation. New crop export sales out this morning were nearly double expectations at 71.3 million bushels!!
WHEAT: As of 7:45 – MPLS and KC both steady
Quiet day in wheat yesterday leading to a slightly lower close in CHI and MPLS. KC was the strongest of the 3 wheat markets and closed ½ cent higher on the day. MPLS futures continued to roll over as the Sept contract lost 14 cents and now is trading a carry into Dec. Wheat export sales numbers were just below expectations this morning.