August 24, 2017
Grain Marketing Specialist
Member meetings for the proposed unification between South Dakota Wheat Growers and North Central Farmers Elevator have been scheduled, check with your local Grain Marketing Specialist, Agronomists or location for dates and times on those meetings.
The market continues its trek downward and new lows were established again in the September and December futures at $3.41 and $3.55 respectfully. Even though the corn crop looks to be smaller than last year, the 2.37 billion bushels of old crop, still in the bins, suggest that supplies will be adequate with a normal harvest. Export sales, for last week, totaled 20.7 million bushels. 4 million of that was for the 2016-2017 marketing year. This puts total sales, to date, at 2.227 billion bushels. 13% ahead of last year. Total shipments, for last week, came in at 28.5 million bushels, and thus on pace for a total of 2.226 billion bushels shipped for the 2016-2017 marketing year. Pro Farmer yield estimates for Illinois corn came in at 180.72 bushels versus the three-year average of 187.37 bu/A.
Soybeans: 4 higher
Soybeans got a boost, late Tuesday, from the US Commerce Department announcing a new countervailing duty against Argentina and Indonesia biodiesel imports. This news was offset, Wednesday morning, when China announced the cancelation of 23.6 million bushels of US old crop soybeans. This was followed by an announcement of 412,000 bushel sale of old crop US beans and 10.4 million bushels of new crop US beans sold to unknown destinations. What a wonderful day to be a bean. Export sales, reported from last week, came in at 59.1 million bushels. We are still 15% above this time last year. Total weekly shipments came in at 25.8 million bushels. These are neutral numbers for soybeans. Pro Farmer pod counts averaged about 1230.77 just slightly lower than the three-year average of 1269.24.
Wheat: MPLS 5 higher. KC 3 higher.
US wheat production is expected to be 25% lower, with Canada being about 16% lower. The offset is the good crops in Europe and Russia thus keeping world supplies adequate. Harvest weather, for the remainder of spring wheat, looks to be beneficial. Counties in Kansas and eastern Colorado are posting cash bids lower than the national government loan price of $2.94. This means there are places where LDP’s have come back into play. Export sales reported this morning, for last week, came in at 14.2 million bushels putting total sales at 424.3 million bushels and 1 % ahead of this time last year. Total shipments, for last week, were reported at 18.3 million bushels. Total shipments to date are at 236.1 million bushels. 14 % ahead of last year.