October 12, 2016
Producer Marketing Manager
The October USDA WASDE report will be released at 11am this morning.
CORN: As of 7:45 – Up 1
Corn finished +2¼ cents higher yesterday on what some noted as pre report short covering/positioning. News was light on the day, though did have some fresh export news with unknown in to buy 162K MT. Also had a solid week of export inspections with 44.5 million bu of corn loaded. Harvest progress out yesterday pegged corn at 35% complete, in line with trade expectations, but below the 38% avg for this time of year. Taking a peak to NEXT year, the DEC 2017 contract is bumping up to its 100 day moving average. Something to keep an eye on as we start making purchases and plans for our next crop.....
SOYBEANS: As of 7:45 – Steady to Up 1
Export inspections were strong at 66.2 million bu, with China taking 51.2 of those. The PNW did load 24.7 million bu of the weekly total. Harvest progress out yesterday showed us at 44% complete nationwide, slightly behind the 5 year avg of 47%.
WHEAT: As of 7:45 – MPLS Up 1, KC Down 2
Weekly inspections following the Columbus holiday closures yesterday. Wheat exports were tallied at 15.9 million bu, near the lower end of trade expectations and over 8 million bu less than last week. Over ½ of the total was the HRW class with Japan at 4.5 and Mexico at 2.1 million bu the two primary destinations. The Mpls Dec contract continues to test the upper end of the range, will we get a breakout on the report today?