September 3, 2014
Matt Erickson
Grain Marketing Specialist

Export sales will be released on Friday and Ethanol data on Thursday due to the Labor day holiday weekend

CORN – Down 3
December corn traded a very tight trading range of 5 ¼ cents yesterday as we are now 2 cents off the contract low. Crop conditions Tuesday afternoon reflected timely rains as the national G/E rating increased a point to 74% G/E. As far as crop maturity goes, the crop progress report showed the domestic corn crop at 53% dented, this is 14% ahead of last year and 6% behind the 5 year average. The chart below gives a breakdown of where each state is at in terms of % dented. Keeping in mind that we have anywhere from 30-35 days to black layer from that point…

Export inspections on Tuesday were underwhelming as they were 1.4 mln bushels shy of what is needed to reach USDA expectations. Technically, November futures did fill a technical gap on Tuesday at $10.375. We still look for nearby support at $10.1975 SX14 and resistance at $10.74SX14. Soybeans setting pods were right in line with the 5 year average at 95% while the national condition rating also increased two points to 72% G/E.

WHEAT – Kansas City Down 4, Minneapolis Down 3
Large domestic and world supplies continue to weigh on the market with futures being pressured after the long weekend. Spring wheat harvest was estimated at 38% complete with condition ratings dropping three points to 63% G/E. Something to keep an eye on as we work through the month of September is quality in North Dakota with only 21% of the spring wheat harvested thus far.