ug 29, 2016
Grain Marketing Specialist
Corn: As of 7:45 down 1
The slide in the market from Friday continues into the overnight session. Traders were busy trying to sort through numbers from the crop tour and the consensus is that the corn crop will be big, but not as big as USDA says it will be. The Profarmer crop tour results are in and the corn yield of 170.2 and production of 14.728 bpa vs the USDA number of 175.1 bpa. Last year’s Pro Farmer estimate was at 168.4 bpa.
Soybeans: As of 7:45 down 4
Soybeans were lower in the overnight testing support from the 200 day moving average at $9.62 ½. The next sign of support looks to be at $9.30. The selloff is a result of continued selling pressure that is seasonally typical of soybeans as we move into Sept. The higher dollar will also lower export expectations that could weigh on prices. Pro Farmer’s final yield for soybeans on Friday afternoon was pegged at 49.3 bpa vs the USDA number of 48.9 bpa. Last year’s Pro Farmer yield was at 48 bpa
Wheat: As of 7:45 KC down 7 & Minny down 2
With no support from the row crops wheat has struggled in the past few trading sessions. There is not a good reason to by wheat, with huge stocks, slumping export demand along with weaker corn and beans markets with make a hard go for wheat. Chicago, and KC wheat posted new contract lows again in the overnight session which saw WZ16 trade as low as $3.97 and KWZ16 trade down to $4.10. Mpls set new lows for December and March contracts.