October 11, 2017
Producer Marketing Manager
October USDA S/D report is out tomorrow at 11am……
CORN: As of 7:45 – Down 1
A rather quiet day in the corn market yesterday as the Dec contract only had a 3 cent trading range. Export inspections were below expectations at 20.6 million bushels on yesterday’ report. We need almost double that amount on a weekly basis to hit the USDA’s export number for the marketing year. Corn maturity continues to be a concern in the Dakotas as the crop progress report indicates only 22% of the crop has been harvested, behind the 5 year average of 37%. Looking at competitors for corn in 2018……CONAB released their 2018 Brazil crop estimates and put corn production at 92.9 MMT this is down 97.7 in 2017.
SOYBEANS: As of 7:45 – Steady
We did see a solid soybean export inspection number yesterday, but the market couldn’t hold the early gains and closed ¾ of a cent lower on the day. Nationwide Harvest progress is behind due to the precip across the upper Midwest. The states furthest behind average are SD, MN, NE, and IA. I look for good progress into the weekend on soybean harvest here in the Dakotas while rains will delay progress across the central to eastern corn belt.
WHEAT: As of 7:45 – Mpls Down 1, KC Down 3
Wheat export loadings were lackluster and below trade expectations at 12.9 million bushels. Winter wheat seeding is about 10 points behind average for this week and the notable delays are noted in KS…..most all the other states are on pace.