August 22, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 3
The ProFarmer crop tour gets underway this week and should provide the market with some info to chew on. They begin the tour with legs starting in SD and OH and progress towards IL as the week moves along. I am anticipating they will find their poorest yields in the early days of the tour.
SOYBEANS: As of 7:45 – Down 4
On Friday November beans were down a dime for the day, finishing above the $10 mark @ $10.04½……but up 22¾ on the week. China was in again for 261 tmt of new beans in daily announcement. Decent precip across much of the nation as well as a wetter 7-day forecast will make fields muddy for the upcoming ProFarmer crop tour this week.
WHEAT: As of 7:45 – MPLS Down 1, KC Down 3
HRS continues to gain on the other wheat futures. MPLS Sept futures are now at $1.15 premium to KC Sept futures. This has been the only bright spot in the markets lately as the MPLS board has put on an impressive rally since late July. As you can see below, we have traded back through the 50% retracement level and put new highs for the move in on Friday. Quality and progress in northern ND is providing some fuel as well as the market concern for what level of protein is in the ND and Canadian crop (they are just getting started).