October 7, 2013
Producer Marketing Manager
Due to the Government Shutdown don’t expect to see any weekly export inspections or Crop Conditions reports today….. It also appears unlikely that the WASDE & Crop Production reports will be released on Oct. 11
CORN: As of 7:45 - UP 1
Private estimates peg corn harvest at around 20% complete this week. Rains have put a hold on corn harvest over the weekend. On Friday, Informa Economics released their updated balance sheets. They raised their corn yield to 158.8 bu/a, up from their September forecast of 157.2 bu/a (3.3 bu higher than the USDA’s Sept number). Planted acres were 1.4 million acres lower than the USDA to 96 million acres to achieve a crop of 14.01 billion bushels (last USDA projection was 13.843 billion bushels.)
SOYBEANS: As of 7:45 – DOWN 1
Weekend rains have slowed combines, especially in SD, IA and stretching to the eastern corn belt. They should get back in the fields early this week and have a fairly good run before better chances of precip roll in for Thurs/Friday. Privates are thinking soybean harvest is 25-30% complete. Informa Economics refreshed balance sheets were viewed as friendly when they cut their bean yield to 41.7 bu/a from their last estimate of 42.4 bu/a; however, it’s still bigger than USDA’s 41.2 bu/a September projection. They lowered planted bean acreage by 260,000 acres to approximately 77 million acres. This brings Informa’s production forecast to 3.176 billion bushels, still 27 million higher than USDA’s September figure.
WHEAT: As of 7:45 – MPLS UP 3, KC UP 4
We have had a very good run on all 3 wheat markets in the last 2 weeks pushing us to the highest levels we have seen since before harvest. Does the lower dollar index continue to help out? The Canadian government is still working and came out with an all wheat production estimate of 33mmt vs. the avg guess of 32.9 and Aug estimate of 30.6. Below is the Dec Mpls Wheat chart.