October 17, 2017
Grain Marketing Specialist
Corn: 1 lower
Lack of influential news keeps corn on range bound as it continues to trade between $3.45 and $3.55. Good weather forecasts should promote harvest progression. Export inspections, reported yesterday, were at 12.7 million bushels. This is 50% behind this time last year. US Corn maturity was reported at 90% vs 82% last week. We are 4% behind the average. US corn harvest is a 28% and is 19% behind average. South Dakota corn is 88% mature, which is 6% behind average. Very little has been combined.
Soybeans: 5 lower
Good weather promoting harvest, along with some profit taking, erased all of Friday’s gains yesterday. Some good new, from yesterday, is that China plans to increase its soybean import by 110 million metric tons (4.4 billion bushels) by 2022. Today, China is expected to import 95 mmt (3.49 billion bushels) during the 2017/18 marketing year. Export inspections came in at 65 million bushels. That put year to date 8% behind last year. From the field, we see that 49% of the US soybean crop has been harvested. This is 11% behind the average. South Dakota has harvested 48% of its soybean crop and is 30% behind average. Brazil is still dry and soybean planting is said to be around 12% complete. This is near the 5-year average, but 6% behind last year. Support is at $9.84 Nov futures.
Wheat: MPLS: 2 higher. KC: unchanged
US winter wheat plantings is 60% complete vs the 71% average. Emergence is at 37% vs the five-year average of 43%. Field conditions remain favorable for planting. Export Inspections were at 11.9 million bushels making inspections down 4% from a year ago. Lack of news keeps wheat in a sideways to downward trend.