September 3, 2013
Producer Marketing Manager
Weekend rains that were forecasted for the Labor Day weekend turned out to be disappointing and thus we have the soybean market surging higher to start the week.
CORN: As of 7:35 – UP 7
Following soybeans higher today! Crop Ratings are expected to decline on this afternoon’s report, the big question is are we catching up with crop development? December futures opened very strong last night and traded near the $4.94 retracement level before backing off the session highs. Technical indicators are still bullish with pricing ideas around the $5.09 - $5.25 areas.
SOYBEANS: As of 7:45 – UP 50
No relief for the soybean crop as weekend precip was light and is forecasted to be dry for the next 7 days. Temps are still above average in the northern plains, which is stressing the crop and pushing it to an earlier maturity date. The trade is expecting a 3-5% drop on crop ratings in this afternoon’s USDA Crop Conditions report. Watch the old contract high of $14.0975 to see if we can break thru.
WHEAT: As of 7:45 – MPLS UP 4, KC UP 4
Also a follower today…..Spring Wheat Harvest continues in ND as well as in Canada. We quickly approach winter wheat planting season as the trade assesses the moisture situation in the southern plains. While they have improved their moisture condition over last year, field conditions are reported as being fairly dry.