Aug 30, 2016
Grain Marketing Specialist
Corn again traded lower during the overnight session, trading in a 3 cent range. We did some fresh contract lows as well. Corn conditions remained unchanged for this week at 75% good/excellent. SD dropped a point down to 52% G/E while surrounding states NE and Iowa went unchanged. ND and MN also dropped a point. With total export inspections so far in the marketing year at 1.794 bb, it looks as though we will fall well short of the USDA’s projection in August at 1.925 bb. The marketing year ends tomorrow, Wednesday August, 31st.
Soybeans: Down 1-5
Soybeans were lower in the overnight, trading in a six cent range. November contracts continue to hover near the 200-day moving average on the daily chart. Soybean conditions improved by 1% this week, up to 73% good/excellent. SD didn’t see any change from LW while ND and NE did see a slight increase and Iowa and MN stayed put from LW numbers. Its looks as though we will come close to meeting the USDA’s export prediction on soybeans. Current inspections for the marketing year stand at 1.848 bb, a little short of the USDA’s prediction at 1.880 bb. There is the hope that export pick up once we are in the 4th quarter as China may be looking for some beans
Wheat: Down 2-8
Wheat tried to pull itself up on the overnight session after yesterday collapse lead by KC. We did see a new 10-year low for Chicago Dec wheat yesterday. This surge may be hard to hold with both corn and beans struggling and a firm dollar and other outside markets going against the wheat market. Japan is looking to buy 144,385 mt of wheat in its weekly tender. This could include some white wheat out of the US as Japan has recently lifted its restrictions on US wheat imports.