October 20, 2016
Producer Marketing Manager
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CORN: As of 7:15 – Up 1
Dec corn was up 4 cents yesterday as we pushed right up to the 100 day moving average we have been noting for the past couple of weeks. Overnight we did trade above that threshold. Export inspections for this morning are estimated to be in the 28-35 million bushel range.
SOYBEANS: As of 7:15 – Up 4
Another report of 185,000 MT of soybean sales to unknown yesterday got us rolling higher. The Nov contract finished 9 higher on the day on more technical buying. Yesterday I highlighted the Market Base Builder(MBB) program for corn. This morning I wanted to feature the performance of the 2016 soybean MBB program. The program finished the pricing period of Nov bean futures at $9.89, leaving producers with a cash price out of the field at over $9.00 cash on a base amount of their production. This is nearly a dollar/bushels higher than other managed bushel programs offered by competitors in the market place. The WG MBB program is transparent, flexible, and allows the producer to still be in control of wild price swings. Watch for the 2017 MBB program details to come out this winter!
WHEAT: As of 7:15 – MPLS Up 1, KC Up 2
Wheat managed to close firmer on Wednesday though lagged beans and was largely a follower. Not much news as ND battles through row crop harvest and the western Canadian provinces continue to work on the last 5-10% of their wheat/canola crops.