August 22, 2014
Producer Marketing Manager
CORN: As of 7:45 – Up 1
The ProFarmer Tour wrapped up in Rochester, MN yesterday and final estimates will be released this afternoon at 1:30 PM. So…..how close does the ProFarmer Tour tend to match up with USDA production numbers??? Below is a chart of the last 8 years and the difference between the PF Tour and September USDA totals. In 6 of the last 8 years on corn they have been underestimating the size of the crop.
SOYBEANS: As of 7:45 – UP 3
Export sales out yesterday showed us an impressive new crop tally of 52.2 million bushels. Old crop beans are on still on fire as meal demand is searching out those remaining bushels. Precip expectations for the next 7 days looks good for SD, NE and extending into IA, IL.
WHEAT: As of 7:45 – MPLS Up 9, KC Up 6
Yesterday Stats Canada all-wheat production was estimated at 27.7 Million Metric Ton, down significantly from last year’s record 37.5 MMT production. This was just under the USDA projection and towards the lower range of pre- report estimates and provided some pop to the market. HRS Harvest continues to sputter along as we manage through rain events in the Dakotas.