August 2, 2013
Producer Marketing Manager
Forecasted highs for the next 5 days in Aberdeen are in the upper 70’s. it sure doesn’t feel like we are in or even close to the ‘dog days’ of summer!
Corn: As of 7:45 – Sept Down 3, NC down 1
Private estimates are starting to be released ahead of the August 12 USDA WASDE report. Yesterday FC Stone released their August survey and is projecting a 157 bu/a national yield and a 13.993 billion bushel corn crop. For reference, USDA was at 156.5 and 13.95 on their July report. Funds continue to sell and yesterday being the first of the month was no exception. They sold an estimated 15,000 contracts of corn yesterday, putting them over 50,000 contracts short. Old crop wise, basis levels continue to improve. It has been a while since I posted world feed grain price relationships so I thought I would update.
Soybeans: As of 7:45 – Up 6
FC Stone estimate on beans figured at 43 bu/A and a 3.309 billion bushel crop. July USDA numbers were at 44.5 and 3.42. If you recall from the June 28th Planted Acreage report, due to the late planting in IA, MN, and WI they resurveyed soybean acreage and will update in the August 12th WASDE report. August rains??? Best chance for heavy rainfall of 0.67”-1.33” for Midwest soybeans into Saturday is across Nebraska, southwest Iowa, northern Missouri and central/southern Illinois.
Wheat: As of 7:45 – Mpls up 2, KC Up
Wheat was the strongest of the major commodities yesterday at down 6, but caught in the Index Fund selling none the less. Export Sales continue to be decent at 21.9 million bushels sold last week. Notable buyers were China at 4.8 mbu and Brazil at 3.2. It is reported that Brazils wheat crop may have suffered some damage due to frost over the past weekend.