October 9, 2013
Producer Marketing Manager
CORN: As of 7:45 – STEADY
Rumors floating around yesterday that China had booked upwards of 900,000 MT of corn, but were still unconfirmed as we went home last night. This, along with uncertainty with the government shutdown, debt ceiling, etc had investors in sell mode yesterday. Anecdotal reports suggest a majority of early U.S. corn yields are exceeding expectations.
SOYBEANS: As of 7:45 – DOWN 2
Continued pressure overnight after a weak trading session yesterday. Combines were rolling again on beans yesterday. Forecast looks fairly quiet for the next couple of days with a cold front bringing a chance for precip Friday, then more seasonable temps next week. Below is the forecasted precip thru this Saturday.
WHEAT: As of 7:45 – DOWN 1
In spite of the weakness in row crops yesterday, wheat continued to push higher. As mentioned yesterday the Russian and Ukraine winter crop seeding continues to be delayed with moisture and acreage may decline.