October 17, 2016
Producer Marketing Manager
CORN: As of 7:45 – UP 1
Higher again overnight as the Dec made another run at the $3.60 mark we have been talking about for the past week. Weekly progress report will be out this afternoon and is estimated at 45-50% complete. It looks to be a good week for harvest progress with some dwindling precip in the PNW.
SOYBEANS: As of 7:45 – UP 10
Beans are up 9 overnight and is pushing up against the 50 day moving average again. This has been a big resistance area over the past month for Nov soybeans. Soybean harvest is estimated to be around 60-65% on today’s USDA Progress report, with good weather for progress ahead.
WHEAT: As of 7:45 – UP 3-4
The ag ministry of the province of Alberta reports only 72% of its crop harvested, compared to 90% on average. Most areas have received some snow, which will take more time for crops to get fit for harvest completion. HRW planting progress is estimated at 70-75%.