Sep 17th 2013
Grain Marketing Specialist
Corn: As of 7:45- 10vhigher
Unwinding of corn/bean spreads was not enough to keep corn in positive territory yesterday as more combines start to roll. Harvest reported at 4% complete. Crop conditions dropped 1% to 53% good/excellent which was expected. Export inspections at 20.1mb are nothing to write home about. But the real news is the release of FSA PP data this morning. Prevented plantings reported at 3.573 acres of corn and 91.428 acres enrolled in subsidy programs. Keep in mind that actual planted acres can differ from acres under the subsidy umbrella. As harvest pushes north will the phrase “better than expected” continue to heard?
Soybeans: As of 7:45- 17 higher
Unwinding of corn/bean spreads had soybeans on the defensive selling off 33c. Weekend rains being seen as beneficial to late/green soybeans also adding pressure. NOPA crush came out at 110.5mbu slightly above expectations. Crop ratings dropped 2% to 50% good/excellent- within expectations. FSA PP reporting 1.687 million acres this morning and 74.659 planted enrolled in subsidy programs. Soybeans continue to toy with the idea of filling gap at 13.31 but this morning’s FSA data looks to be friendly enough to have trading higher. Soybean balance sheet tight enough that any perceived reduction of production will support this market.
Wheat: As of 7:45- 3-4 higher
A very large export inspection of 46 mbu yesterday was not enough to make wheat close higher. Row crops and a Canadian yields keep this market on the defensive. Export inspections by class where as follows- 18 HRW, 14.5 SRW, and approx 6 each of spring and soft. Winter wheat planting reported at 12% right in line with the 5 yr average. Technically this market remains a bit of a dog as all three of my indicators are bearish both Mn and KC wheat.