Grain markets were higher overnight. Following the overnight session, corn is up one cent, soybeans are up one cent, and spring wheat is four cents higher.
We will not be ready to take corn Monday/Tuesday of next week. We are seeing some light test weight corn. If your corn is light test weight please leave it in the field until it matures.
Corn traded lower overnight in quiet, low volume trade. Progressing corn harvest, along with a lack of export demand and a carryout of 2.3 billion bushel all continue to weigh on prices. Yield reports are coming in better than expected in most areas of the Corn Belt. Weekly ethanol production increased 52,000 barrels per day to 967,000bpd. Look for choppy two sided trade today as we will likely see a narrow $3.40-$3.60 range through the end of the year.
Soybeans closed a penny higher this morning after trading a narrow four cent range overnight. The November contract has traded lower from its recent $10.00 high for 3 straight sessions. Traders may look for a move lower to test the 200 day moving average of $9.75. The market continues to keep a close eye on Brazil weather forecasts as dryness remains a concern. Look for slightly lower trade today.
Spring wheat saw a small bounce overnight closing the session at the overnight high of $6.14. The December contract is still within a dime of recent lows. Weekly wheat export sales topped estimates at 615.4k MT compared to estimates of 200-400k MT. Look for slightly higher trade today on strength from the overnight session.
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|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEZ17||4.29||+0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||5.59||-0.55 basis||Oct||Delivered Drayton|
|Winter Wheat:||3.69||-0.60 basis||Oct||Delivered Drayton|
|Corn:||2.59||-0.90 basis||Oct||Delivered Drayton|
|Soybeans:||8.70||-1.15 basis||Oct||Delivered Drayton|
Spring Wheat Protein Scales
-.08 cents ea. 1/5 down from 14.0% to 13.0%
-.08 cents ea. 1/5 down from 13.0% to 11.6%
+.10 cents ea. 1/5 from 14.0% to 15.0%
+.10 cent bump at 15.0%
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