September 29, 2017
Producer Marketing Manager
CORN: As of 7:45 – UP 1
The market continues to hover around the $3.50 mark on the Dec contract. YTD corn export sales are down 39% vs. LY and designated sales to Asia (61 million vs. 171 YTD LY) are the lowest since 87/88. The trade is estimating Sept 1 stocks of corn to be around 2.35 billion bushels in today’s report. We were 1.737 in 2016.
SOYBEANS: As of 7:45 – Down 3
Precip forecast for the next 7 days looks to delay bean harvest across much of ND, Southeast SD, IA, and MN. The eastern corn belt remains dry and clear for continued harvest progress. Even with the solid export sales numbers we had yesterday, unshipped sales are roughly 100mbu behind last year as shown below. Quarterly stocks are estimated at 339 million bushels, slightly lower than the Sept 12 S/D estimate of 345.
WHEAT: As of 7:45 – MPLS steady, KC down ½
Wheat futures closed out Thursday’s trading session posting 5 to 6 cent losses across all three exchanges. We will see the 2017 wheat production estimates in addition to the quarterly stocks number from USDA in today’s report at 11am.