Oct 25, 2016
Grain Marketing Specialist
Corn: 1-5 Higher
Corn didn’t even try to follow beans higher yesterday as they closed 4 cents lower. There was a tight trading window on the overnight of a few cents but corn settled unchanged. We may see some chance of rain in some areas to halt harvest progress. No real weather threats down in SA. Harvest is at 61% complete. The 5-year average is 62%. Last year the harvest was at 70% at this time. SD came in at 47% completed. MN made the most progress but still only are 55% done.
Soybeans: 3-5 Lower
Another strong day for the bean complex, as Nov beans closed up 9, and was up 16 at one point. They could not hold that momentum into the overnight as we saw about a 7 cent range with Nov closing down 1 ¾. Harvest is at 76% complete with the 5-year average at 76%. Last year the harvest was at 84%. SD came in at 89% done with beans while ND and MN are still at 94% & 95% complete. Iowa seems to be lagging behind on bean harvest at 77% for the week. With yields still better than expected the crop seems to be taking longer to get put away.
Wheat: 5-8 Lower
Was a bad day in the wheat complex where we saw Chicago down 12, KC down 9, while Minny slowed the slide down totally by only losing 4 1/4. Chicago and KC closed near unchanged on the overnight and Minny was down a penny. The pressure stems from a strong US dollar and poor demand. Winter wheat plantings were reported at 79% complete compared to 72% last week, 81% last year and 82% on average. 60% of the crop is emerged compared to 47% last week and 58% on average. 59% of the winter wheat is rated G/E versus 47% last year