Sept 12, 2017
Grain Marketing Specialist
September S & D report today at 11am. Do you have your targets working?
Corn: Down 1
Corn market traded slightly higher on yesterday’s session as we were seeing some positioning in front of the Sept SD report. Corn dipped on the overnight session but kept its head above support level of 3.55. USDA is expected to lower the yield slightly to around 168.2bpa from 169.5bpa..prod also expected to be lowered and the same with carryout. The 6-10 day forecast indicates a warmer and drier weather pattern for much of the United States. If this weather model holds, the likelihood of an early frost is low. In yesterdays Crop conditions report on the nations scope we saw US corn crop at 61% G/E unchanged from previous week. They also say 5% is harvested 75% dented and 21% is mature and safe from frost. Regionally, SD improved on the G/E by a 1% to 43%, Iowa went backwards from 62% to 60% and Minny still the best on the G/E at 82%
Soybeans: Down ¾ cent
Yesterday the bean complex was influenced by a weak meal market as beans closed down 2. We saw a two sided trade on the overnight as we strated to position in front of today’s report as beans closed down fractionally. SB yields are expected to be adjusted from 49.4 to 48.8. and a trimmed US carryout in today’s report. Carryout estimates range from 375-524 million bushels with an average trade estimate of 444 million bushels. Yesterday’s crop progress report indicated a 1% decline in the soybean crop’s good/excellent ratings. Soybeans dropping leaves came in at 22%, 3% below the 5 year average. Crop conditions locally came in at SD at 50% G/E, ND remained the same at 47% as did Iowa at 61%.
Wheat: KC up 1 ¼, Minn up 2
Wheat complex was under pressure yesterday as we saw both spring and winter drop. Spring was down 4 ¾ and Winter down 6 3/4. We did see a little bump on the overnight in both class. USDA is expected to drop 17/18 carryout to near 920mb from 933 last month. USDA pegged HRS harvest at 95% complete…winter wheat seeded at 5%. Canadian wheat yields are coming in better than expected despite dry conditions in Manitoba and Saskatchewan