August 21, 2017
Grain Marketing Specialist
Member meetings for the proposed unification between South Dakota Wheat Growers and North Central Farmers Elevator have been scheduled, check with your local Grain Marketing Specialist for dates and times on those meetings.
Corn: 3 lower
Trade opened lower overnight as precipitation chances and cool temps benefit corn. This week starts the Pro Farmer Crop Tour. The eastern leg starts in Ohio where rain has been abundant, and the western leg will look at parts of South Dakota and Nebraska where it has been mostly drier. The September corn futures are revisiting the contract low of $3.48, set August 29, 2016. December corn is about a nickel away from the established contract low of $3.58. Both contracts are considered oversold, but this technical factor does not seem to be garnishing any renewed buying interest as traders wait to see if the USDA’s predictions were right.
Soybeans: 5 lower
Rain makes grain. The continuation of precipitation during this month of August can only add bushels, and decrease price. Support for the November contract is at $9.22 futures.
Wheat: MPLS: 2 lower. KC: steady.
Wheat trading lower this morning as KC finds new lows and MPLS becoming range bound. A strong US dollar and plentiful supplies, overall, keep wheat from gains. The wet weather pattern in the Norther Plains will potentially delay harvest, and concerns over quality may affect the market. Winter wheat support is at $4.10 futures. Spring wheat support is at $6.64 futures.