Aug 21 2014
Grain Marketing Specialist
Last of Dakotafest, Stop by our tent on Seed row and ask about our new Grain Markets and Insight App..
With the potenial of a really good crop, that hangs this uncomfortable feeling over the markets and with near perfect growing conditions the corn market had a tough time yesterday to keep his head above water. September closed 3 cents lower and December down 4 ¾. Pro Farmer estmaties so far on Iowa and Illionis crop estimates. IA is estamtimated at 177-180bu vs 160-175 last year. Will finish Iowa today. Ill was at a record of 196bu vs 170bu from last year and well above USDA est of 188. Ethonal production was up 6000 barrels form last week at 937k with inventory jumping from 17.8 to 18.3 million barrels.
Another rinse and repeat week in soybeans. Most areas are getting moisture and average temps during this critical time in growth stage. So with weather beening a non event, and large soybean acres, beans have struggled yesterday, November was down 14 ¾ at 10.38 making a new contract low. Pro Famrer are finding high pod counts in both Iowa and Illinois Meal had another strong day up 2.80/ton.
All the markets down yesterday as wet weather slows harvest in the norhtern states; KC down 5 3/4; Minn down 6 1/2. Quaility issues remain in the news as High vom in winter wheat continue to be seen. Spring wheat also have seen issue but we wait for dryier days to get back in the combines. Average guess on production for Canada is around 28.5mmt. The Ukrainie may see higher issue’s as they may have a crop that is only 40% milling quaility. If that become fact they may have export restrictions.