October 8, 2013
Producer Marketing Manager
CORN: As of 7:45 – DOWN 2
Fairly quiet as the government shutdown continues and harvest gets underway again after the rain/snow event is past weekend. USDA announced the WASDE/Crop Production Report scheduled to be released this Friday will be delayed, but did not give a firm date when or if we will see it. The Dec futures has not closed above its 20 day moving average in over a month……it is near $4.52 and is a price point to watch.
SOYBEANS: As of 7:45 – UP 2
Soybean futures managed to close higher on the day after spending most of the morning in negative territory. Bean harvest should resume again today with a few decent harvest days before precip chances increase into the weekend. We traded above $13.00 on the Nov yesterday and are trading back up there this AM. 20 day moving average is around $13.20.
WHEAT: As of 7:45 – MPLS & KC UP 5
Continues to leader the other commodities higher as both KC and MPLS opened the week higher and are seeing some of that follow thru in the overnight. Delayed Fall seeding in the Black Sea region has the trade wondering on potential impacts there.