Grain Marketing Specialist
WASDE Report out today 11 A.M. Contact your nearest Grain Marketing specialist to get your targets in and working.
Corn Down 1 as of 7:30
December corn futures closed out the week last week up 12 ½ cents, the September contract closed the week out a penny higher at 13 ½ cents. Rainy weather in the central plains last week helped to fuel the gains. The production range expectations for today’s WASDE crop report is from 14.663-15.195, average 14.951 implies yields of 169-175.5, average 172.6 bpa, compared to 175.1 back in August.
Beans Down 5 as of 7:30
September Soybeans ended the week up 28 ¾ cents while the November contract ended up a penny lower at 27 ¾ cents. Early Friday, USDA said that soybean exports in 2015-16 finished at 1.868 billion bushels, just 12 million bushels shy of USDA's estimate of 1.88 billion bushels. So export numbers have helped to limit the downside of beans. The trade estimates for the report today are for the yield number to increase to 49.4 bpa compared to 48.9 last month which would increase the production number by around 40 million bushels up to 4.1 billion.
Wheat Minneapolis and Kansas City both down 3 as of 7:30
December Minneapolis Spring wheat closed the week out at up 2 ½ cents while Kansas City Winter Wheat closed out the week up 5 ¼ cents. A firmer dollar held back the reins on the wheat market Friday. Canadian harvest should continue with no issues in sight and the Russian harvest is coming to an end. The average trade guess is for another increase in the domestic carryover; the average is at 1.113 billion bushels versus 1.1 billion in August. The global carryover is expected to decrease slightly from the August USDA number of 252.8 mmt.