Oct 22nd 2013
Grain Marketing Specialist
Corn: As of 7:45-1 lower
Corn settled higher yesterday on better than expected export inspections of 32.3mb of corn and 3.9mbu of milo. A slightly better harvest forecast seems to limit gains yesterday and last night. Crop progress at 39% harvested vs 53% average. Crop rating increased 5% from the last report to 60% g/e most likely due to the better than expected yield theme that is being talked about. Ethanol production at 869 and we should the usual report on Wednesday again.
Soybeans: As of 7:45- 9 lower
Soybeans rallied higher yesterday and better than expected export inspections of 59.3mb exceeding the upper end of expectations of 45 getting a close above the $13 mark. Harvest forecast looks less than perfect with the 6-10 looking better for the Western corn belt. Crop progress report has harvest at 63% vs average of 69%, G/E rating at 57% up the previous report of 53% also likely due to better than expected yields. Technically we seem to have a hard time staying above $13.
Wheat: As of 7:45- 2 lower
The Argentine Ag minister said the previous week’s estimate of 8.8mmt was an error as they failed to include the whole country. No revised number was offered but many believe it to be around 10mmt still under the USDA estimate of 12mmt. Winter wheat planting reported at 79% complete close to the average of 78%, 53% emerged vs average of 54%, G/E rating at 65% well above a year ago. Export inspections light at 20.6mb vs average trade guess of 24-30 mb.