October 23, 2012
Travis Antonsen
Producer Marketing Manager

Corn:  As of 7:20 Down 4
As mentioned yesterday, export inspections were even lower than the already low expectations.  Nationwide harvest is nearly wrapped up as USDA Crop Progress showed 87% complete this week.  Friday’s USDA Cattle on Feed report showed cattle on feed at 97.4% of last year.  Cattle placed on feed was also less than expected at 81.2%, the trade was looking for 85%, fewer cattle means less demand for corn.   Overall the market was fairly quiet yesterday.

Soybeans:  As of 7:20 Down 10
Soybeans got a nice bump in price yesterday on stellar export inspections: 61.4mbu, which was way above the trade range of 46-49 and 40% above last year’s 43.9.  In fact, China alone took 43.9 last week. . .  South American weather continues to be newsworthy as the market continues to deal with too much or too little moisture depending on location.  From what I can decipher, Northern and Central Brazil could use some moisture for the growing crop and Argentina could use a few sunny days to alleviate soggy conditions and planting delays.  Back in the US, harvest progress showed 80% complete as the eastern states are battling some rain events that have delayed harvest just a little.

Wheat:  As of 7:20 MPLS Down 4, KC Down 8
Wheat export inspections were also poor this week.  Futures closed higher yesterday on news that Ukraine may limit exports next month.  If this does happen we may see an uptick in export activity, but probably not until after the first of the year.  Winter wheat seedings were running just ahead of average at 81% nationwide.  SD was lagging the most as a state at just 83% planted, 12% behind average. KS, OK, and NE were at or just ahead of average on seeding pace.