October 10, 2017
Producer Marketing Manager
Brrrrrr……the growing season has come to a screeching halt in Northern SD this morning!!!!
CORN: As of 7:45 – Steady
News reports that South Korea has bought 320,000 tonnes of corn in recent days. With the USDA closed yesterday, we will see export inspections announced at 10am and crop progress at 3pm today. We may see some export sales announcements at 8am as well. Hearing more chatter on the dryness in many parts of Brazil that is delaying planting of soybeans…..delays in soybean planting may lead to delays in getting the second crop of corn planted during the optimum time for that crop. Something to keep an eye on as they are starting out their growing season much drier than normal.
SOYBEANS: As of 7:45 – Up 5
The bean market sold off about a nickel yesterday and we are seeing the market give that back here this morning. We are seeing good harvest progress through much of our trade area with continued reports of better than expected yields. With the exception of the Dakotas, soybean harvest progress has been slowed with rain over much of the corn belt this past week. These rains have been somewhat beneficial to get more water into the river systems to aid in navigation. The USDA Crop Progress report is delayed until today due to yesterday’s holiday. The 5-day precip map still shows decent precip across much of the central corn belt.
WHEAT: As of 7:45 – Mnpls UP 1, KC Steady
KC Wheat was 6-7 cents lower yesterday….mostly on precip in the HRW belt? Mnpls futures were steady to mixed. Egypt tendered for wheat yesterday and results should be known today…..would be surprised if that business doesn’t go to Russian/Ukraine origins. USDA October S/D report is out this Thursday at 11am!