July 29, 2013
Producer Marketing Manager
Corn: As of 7:45 – Down 1
Nice, cool weekend across much of the nation. Record lows (low 40’s) were set in Aberdeen both Saturday and Sunday morning. While this is good for the pollination stage we are in, it is slowing the GDD accumulation we need to get this crop to maturity before normal frost dates hit. Forecast for the upper plains looks like below normal temps for the next week. Crop conditions are expected to show a little improvement this week…..stay tuned.
Soybeans: As of 7:45 – Down 14
The soybean complex looks to start the new week much like it finished the last. Open interest was down 4,000 beans, 4600 oil and 5000 meal on Friday and it appears that is continuing this morning. I can’t tell…..is the dust settling yet on the bean market? USDA likely to be unchanged in the weekly conditions report out today.
Wheat: As of 7:45 – Mpls Up 2, KC Steady
The Wheat Quality Council wrapped up its HRS tour late last week and came up with an estimated yield of 44.9 bu/a, with was the same as a year ago. Canada’s spring wheat crop, like the US crop, looks good. Saskatchewan said 87% of their wheat is excellent or good. We were not the only ones with cool temps over the weekend. Brazil reported freezing temps and snow, some reporting snow for the first time in 40 years!! Also reporting some damage to the wheat crop down there.