August 24, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 2
Not much to talk about other than the ProFarmer tour that is in its 3rd day today. Yesterday’s tour stops resulted in a NE number of 158.6 bu/A that is 4% less than last year, and IN is estimated at 173.4 bu/A, 21% better than last year (USDA has both Indiana & Nebraska at 187). FWIW - Stats Canada was out with their Aug crop report and their corn crop was estimated 9% lower than last year @ 12.3MMT’s citing dryness in Ontario & other select areas.
SOYBEANS: As of 7:45 – Down 3-5
Beans were down almost a dime at one point yesterday but managed to close only 1 to 2 cents lower. Stats Canada released their production report yesterday morning and their Canola estimate was less than expected at 17.02 MMT vs the trade estimate of 18.0. Rain unneeded for U.S. soybeans from Delta through SE Corn Belt, and parts of Minnesota.
WHEAT: As of 7:45 – MPLS and KC Down 3
Wheat had a tough day yesterday as the nearby MPLS contract lost 16 cents on the day and gave up the premium to the Dec contract. StatsCan released a production number just above market expectations at 30.49 MMT, a 10.5% increase from 2015 production. If produced, this would only the second time in the last 25 years that Canada has exceeded 30 MMT. The big question will be the quality of the large crop…….stay tuned as harvesters are just getting going!