September 25, 2017
Producer Marketing Manager
What you need to know this week….Quarterly Stocks report is out this Friday - look for trade estimates as we get closer to that report.
CORN: As of 7:45 – Down 2
The markets are all lower this morning, possibly reflecting some harvest pressure over the weekend in the central to eastern corn belt. The trade is guessing the Nationwide harvest progress to be around 15% in this afternoon’s report. The corn market is really struggling from a technical perspective as the 20 day moving average has been very difficult to breach.
SOYBEANS: As of 7:45 – Down 6
The soybean complex is lower this morning after posting its highest closing price since July 31st on Friday. Harvest activity is estimated to be around 12% in this afternoon’s USDA Crop Progress report. While much of the Dakotas were soggy over the weekend, many areas to the east had warm and dry conditions for harvest activity. The 5 day precip map looks for the system to slide east this week.
WHEAT: As of 7:45 – MPLS is steady, KC is down 3-4
The wheat market continues to deal with a large Russian crop that is garnering headlines almost on a daily basis. The trade is watching for US stocks numbers due out on Friday. Much of the western plains received some precip over the weekend to help get the HRW crop off and running.