9/12/14 Market Summary Dec wheat -13 Dec corn - 2 ½ Nov beans +3 ¾ USD$ index -.154 @ 84.305 Dow futures -62 @ 16897 Live Cattle -.80 @ 156.57 Feeder Cattle +.50 @ 226.10 Lean Hogs -.575 @ 105.80 Corn Weather in the 6-10 day looks wet, but the real news in the short run is that there appears to be less likelihood of a widespread killing freeze this weekend. USDA used a .342 ear weight in their Sept report crop calculations. Record ear weight was .354 in 2004 and if repeated this year would equate to a national yield of 177.7 bpa, markedly higher than yesterday’s 171.7. Yield reports out of Illinois are commonly registering >200bpa. USDA will issue a percent corn harvested number for the 1st time this season on Monday. Additional FSA acre certification data will be released to the markets on Tuesday. 116,000 tonnes of corn sold to an unknown for 2014/15. EPA announcement for 2015 RFS rules may not occur until February Beans Saturday morning may prove colder than last night but the cloud cover is protecting much of the belt with the exception of the Sioux Falls/Sioux City area. The good news: next week we will flush out the cold weather system with warm weather. Warm is forecast to persist through the end of the month. Look for crop conditions to remain unchanged @ 72% G/E on Monday. NOPA August crush out Monday too with market expecting 109.3 bu. Next week will see southern bean harvest ramp up. The corn belt will likely see corn harvest start up to Bloomington IL and into S. Iowa. Bean harvest is still a 10+ days off in that area and 2 weeks off N. of I-80. Between now and then, basis will break several dollars/bushel. Wheat Wheat futures ended the day and the week with a lower close as follow through selling from Thursdays report. Though the rains that hit parts of Kansas and Missouri may be delaying corn harvest, they’re a improving the planting conditions for HRW. Quiet export market - ordinary weekly tenders by Japan for example being announced but nothing else. Little unusual trade of German milling wheat to France - 100K tonnes of German milling wheat to France as rain has caused extensive damage in the French wheat crop. French farm agency had commented earlier this week that French wheat exports outside the EU could drop by a third this crop year. Cash wheat markets were quiet. Spring wheat basis firm for higher proteins while the HRW basis has been steady to light on low to mid pro. Feels as though there is some apprehension for the HRW traders/origins to trade wheat for fear the lack of reliability in rail thus tying up freight to potentially move new crop corn.
Posted on: Mon, 15 Sep 2014 12:45:17 +0000
Trending Topics
Recently Viewed Topics
© 2015