September 28, 2017
Producer Marketing Manager
Sept 1 stocks #’s out tomorrow. Trade still not seeing the disaster type harvest yields, and with weather a little less threatening for South America, just not much fundamental news to sustain the small rally posted yesterday. Today is the day for the results of the NCFE/WG unification vote to be announced…..should know by 4pm today.
CORN: As of 7:45 – Down 1
Corn export sales were pretty much non-existent at 12.6 million bushels this morning…..this is not surprising to participants in the trade. Looking quickly at feed grain values around the globe shows the competitiveness we are facing from Argentina/Brazil/S Africa/Black Sea in the feed grains market. Will the PNW market be competitive by late winter????
SOYBEANS: As of 7:45 – Down 5
Solid weekly export sales out this morning at 109.6 million bushels, however the market is a nickel lower again this morning as it gravitates back toward the $9.60 mark (100 day moving average). We continue to hear bean yields generally better than expected and in a number of cases in IL/IN similar to last year’s yields. Barge freight on the Miss/Ill River continues to climb and we did see Gulf values climb a little yesterday to help offset some of that increase…..basis values continue to be very wide in the interior
WHEAT: As of 7:45 - Mpls down 1, KC Down 3
Wheat exports were toward the upper end of trade expectations at 16 million bushels. The markets were led higher by the wheat markets yesterday as Mpls was up 3 and KC/Chi were both up 7. The KC market has staged a 40 cent rally off of its late August lows. Looking at some resistance around the $4.61 area on the Dec and a secondary resistance level around $4.80.