August 22, 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.
September corn managed to find a new low, yesterday, at $3.46 futures. This was two cents below the established low of $3.48 set on August 30, 2016. Weather forecasts continue to be beneficial, although some heat would be nice. Crop conditions were steady at 62% good to excellent. The Export Inspection Report came in lower than expected for last week at 27 million bushels. With two weeks left of the 2016-17 marketing year corn inspections are still 25% better than this time last year. December corn did manage to stay above the contract low of $3.58 yesterday. The big story this week will be results from the Pro Farmer Crop Tour which started in South Dakota and Ohio. Early reports can be seen in the charts below.
Soybeans: 1 higher
It was reported, yesterday, that 17 million bushels of soybeans were sold to unknow destinations along with an additional 7 million going to China. Both sales were for the 2017-18 marketing year. Export Inspections, for last week, were reported at 24.4 million bushels. This was above expectations, and with two weeks left of the 2016-17 marketing year, keeps inspections at 14% higher than last year. Soybeans crop conditions improved to 60% good to excellent. The Pro Farmer crop tour started yesterday. Below are the reported pod counts.
Wheat: MPLS 2 higher. KC steady.
The overnight trade did see a small recovery after yesterday’s bid sell off. Overall fundamentals are still bearish for winter wheat, thus bringing the spring wheat complex with it. Weather forecasts are drying out and we should see some significant progress with harvest this week.