Sept 2, 2016
Grain Marketing Specialist
Monday September 5th is Labor Day and the market will be closed for the day trade. Trading will resume at normal open time on Monday evening at 7pm. In observance of Labor Day, all Wheat Grower Locations will be closed on Monday.
Corn: 2-5 Higher
Corn finally end it downward spiral after setting new contract lows mid-week with a good showing as Dec contract shot up 8. That push has some follow through into the overnight with it up another 4 ¾. We did get a sale into Mexico for 130k tons of corns. Although it may have provided a good sense of support possibly, but overall the export sale was disappointing. The 6-10-day forecast shows only minor changes from yesterday. Still warm in the east and wet in the upper Midwest with scattered storms expected to push through starting at the beginning of next week.
Soybeans: 5-8 Higher
Beans could not decide what direction to trade in yesterday as we say both sides of the coin. They did settle up in a positive range by only ¾ cent. They did push up 7-8 cents on the overnight session. We will continue to process how the weather in Aug help develop the beans as we all know beans are made in August. New sales were announced with 147,000 tons of soybeans going to unknown, which was the only strong number on the sales report.
Wheat: 2-5 Higher
The wheat complex followed corn right along with KC wheat leading way 9 cents higher, Chicago was up 6 ½ cents, and Minny was 4 ½ higher. It followed with strength oin the overnight with Chicago is up 3-4 cents, Mpls is up 4-5 cents, and KC is up 2-4 cents this morning. Even though the long-term outlook remains bearish, stronger than expected export demand for US wheat is helping to establish a short-term up trend. Spring wheat harvest is nearing an end in the US and looks to be in full swing in Canada as we move into next week.