August 25, 2014
Grain Marketing Specialist
Corn: 2-3 Lower
Rain makes Grain and most of corn growing areas in the US got some moisture over the weekend which just aids in crop development. Pro Farmer came out with their final numbers: they are estimating corn production at 14.093 billion bushels with a yield at 169.3bpa. That is a little higher than August USDA report. Also cattle on feed report showed that placements did not drop as much as expected. They are forecasted to be around 93% versus the pre report estimates of 90.6%; on feed was around 98% versus 97.4.
Soybeans: 2-3 Lower
We have seen decent rains in the past 96 hours along with average temps goes a long way for this growing crop now just to get it to the finish line… Pro Farmers numbers are as followed: 3.812bb with a 45.35bpa yield. USDA was around 45.4 and 3.816bb in August. Old crop premiums still remain present among end users as they are just trying to get by until new crop comes along.
Wheat found support on fresh news overnight, and saw light 2 sided trading. Weekend rain in ND and Mt yet again put a hold on harvest but the upcoming week looks clear. Still concern in the Ukraine that could possibly disrupt supply, this concern help support wheat last week and may see that support again this week.