Grain Marketing Specialist
Ethanol numbers out this A.M.
Corn Unchanged as of 7:45
September corn closed the day out Tuesday down 7 ½ cents and down 7 ¾ cents in the December futures contract. A favorable seven-day weather forecast cast a bearish cloud over the corn market Tuesday. Late Monday USDA said Total Us corn conditions were pegged at 62% good to excellent up 2% from last week but down 12% from last year at this time. Western Iowa saw moisture early yesterday, and heavier amounts are forecasted to be on the way for much of Corn Belt especially the rest of the week.
Beans Up 2 as of 7:45
Rain in this weeks forecast pressured the bean market yesterday as well as November beans closed the day down 14 cents. USDA Crop Conditions out late Monday put US soybean conditions at 59% good to excellent down from last weeks 60% rating, and behind last years 72% rating at this time last year. South Dakota conditions improved by 2% to round the week out at 34% good to excellent. USDA did announce a sale early yesterday morning of 4.85 million bushels to China and an additional 4.85 million to unknown.
Wheat Minneapolis Up 16 and Kansas City Up 2 as of 7:45
September Minneapolis Spring Wheat closed the day down 11 ¾ cents, and September Kansas City Winter Wheat closed down 10 ¼ cents Tuesday. Last weeks wheat stocks and wheat production estimate, have been the anchor of the wheat market this week, along with a weak row crop market. Mondays Crop Progress put Spring Wheat conditions at 33% good to excellent and 40% harvested. South Dakota Spring Wheat Conditions came back at 8% good to excellent, unchanged from last week US Winter Wheat was said to be 97% harvested.