August 23, 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, Agronomists or Location for dates and times on those meetings.
Corn: 2 higher
September corn is hanging around the new low of $3.46 futures and December corn is creeping in on its futures low of $3.58. Weather forecasts continue to be beneficial. Pro Farmer’s Crop Tour made its way through Nebraska and Indiana yesterday. Results from Nebraska showed an average of 165.42 bushels. This was three bushels ahead of the three-year average. Results from Indiana showed a 171.23 average, four bushels higher than the three-year average.
Soybeans: 7 higher
Soybean Oil is moving commodities higher this morning. Soybeans exports have also been higher, which is unusual for this time of year, and is aiding the support of the soybean markets. The Pro Farmer Tour reported the Nebraska pod count averaged 1131.02, which is slightly lower than the three-year average. Indiana pod counts averaged 1168.78, which is slightly higher than the three-year average. Technically November futures see some resistance at $9.50.
Wheat: MPLS 3 higher. KC 2 higher.
Wheat is following suit this morning and moving higher. Winter Wheat is bouncing off its new established low of $3.97 futures. Spring Wheat is bouncing off its 100-day moving average of $6.39 futures. Overall pressure remains, as global supplies are adequate.