September 4, 2013
Producer Marketing Manager
Above normal temps now and into the foreseeable future (6-10 day) coupled with little, to no precip is getting this crop to maturity fairly quick!
CORN: As of 7:45 – Down 3
The Monday night strength in corn was not able to carry over into Tuesday’s session as talk of strong southern yields and weakening old crop cash bids put pressure on futures. Hearing harvest of early corn is making its way as far north as Springfield, IL. Crop conditions dropped 3% from last week to 56% of the nation’s crop rated Good/Excellent. Virtually all corn producing states besides MI and TX dropped in ratings this week with SD fairing the worst with a 7 point decline. Export inspections were out yesterday and showed a solid 17.4 million bu this past week.
SOYBEANS: As of 7:45 – Down 12
We gapped higher yesterday morning and touched the $14.085 mark on the Nov contract before settling back throughout the rest of the day. Overnight we have traded double digits lower to fill the gap left between Friday and Tuesday’s trade. Trade and private yield estimates of this year’s crop is around 40-42 bu/A…..USDA revised its August yield number from 44.5 to 42.6…..with the limited precip will it revise it again on Sept 12th WASDE report?
WHEAT: As of 7:45 – MPLS Down 3, KC Down 2
Being a market follower. Spring wheat harvest is 64% nationwide as the ND harvest has now crossed the halfway point. Egypt is tendering again this week…..will the Black Sea discount to US wheat continue?