August 25, 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.
September and December corn found support at their new established lows of $3.40 and $3.54, yesterday, from the other commodities good fortunes. Technical indicators are very oversold, but that has not sparked any buying interest as of late. 2.37 billion bushels of old crop, still in the bins, keep bearish pressure on the market. Pro Farmer Crop tour is predicting at 191.54 bu/A yield in southern Minnesota. That is 10 bushels higher than the three-year average. Iowa yield predictions are a 179.79 bu/A. That is 2.6 bushels below the three-year average. The tour is now done, and overall predictions, for the 2017 corn crop, are about 1 to 2 bushels lower than the USDA 169.5 bu/A.
Soybeans: 1 lower
Soybeans remain in short-term uptrend thanks to the palm and soy oil markets. Technically we are seeing resistance at $9.50 Nov futures. Pro Farmer average pod counts, in Iowa and Minnesota, were reported at 1,092.92 and 1019.96, in a 3 x 3 square, respectfully. These counts were below the three-year average. Weather forecasts continue to promote rain chances. The more rain in August, the more beans we will get, or so the saying goes. Traders are watching to see if Hurricane Harvey will interrupt export traffic at the Gulf.
Wheat: MPLS 2 higher. KC 1 higher.
Large world supplies will keep a bearish tone over winter wheat. Technically winter wheat is very much oversold, and maybe that will spark some short term buying interest sooner rather than later. Winter Wheat carries are at $1 premium from Sep 2017 to Sep 2018. Weather forecast should aid the final run on spring wheat harvest.