CHS Drayton: Morning Market Wire (10/19)

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.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.14 +0.04
Kansas City HRW: KWEZ17 4.29 +0.01
Soybeans: SX17 9.85 +0.01
Corn: CZ17 3.49 +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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/18)

Grain markets were nearly unchanged overnight. Following the overnight session, corn is unchanged, soybeans are down one cent, and spring wheat is unchanged.

We will not be ready to take corn until 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 closed a fraction lower this morning as the December contract continues to hang around the $3.50 mark.  Technical support is at the contract low of $3.42 with overhead resistance at the 50 day moving average of $3.55.  Brazil weather forecasts are dry for another 10 days, but show some scattered rains.  Look for low volatility trade today as the market waits for South American weather to develop.

Soybeans traded slightly lower overnight as the November contract traded a narrow three cent range overnight.  The next level of technical support is at the 200 day moving average of $9.75.  U.S soybean harvest continues to move along at 50% complete with parts of the western Corn Belt making 10% progress daily.  Look for lower trade today as the short term outlook appears bearish.

Spring wheat closed unchanged this morning after trading two sided overnight.  A weaker Kansas City and Chicago markets continue to pressure spring wheat.  Chicago and KC markets continue to grind lower on large global supplies, slow U.S exports, and good planting weather in the nearby forecast.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.11 0.00
Kansas City HRW: KWEZ17 4.31 -0.02
Soybeans: SX17 9.83 -0.01
Corn: CZ17 3.49 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.57 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.73 -0.60 basis Oct Delivered Drayton
Corn: 2.54 -0.95 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/17)

Grain markets were lower overnight. Following the overnight session, corn is down one cent, soybeans are down five cents, and spring wheat is two cents higher.

We will not be ready to take corn until 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 as the December contract trades on both sides of $3.50.  Overall December corn remains range bound from the contract low of $3.42 to $3.58.  Crop progress showed U.S corn at 28% harvested, slightly behind the 31% estimated.  The five year average is 47%.  Look for slightly lower trade today as harvest progresses.

Soybeans traded lower overnight closing the overnight session just above the session low $9.84.  November soybeans continue to move away from the $10.00 mark as it may now need to establish a low end of a trading range.  Crop progress showed soybeans at 49% harvested, in line with expectations, vs. a 60% five year average.

Spring wheat trade was mixed overnight as the December contract traded a narrow three cent range.  Weakness from soybeans and corn continue to pressure the market.  Crop progress showed winter wheat at 60% planted vs. a 62% estimate and a five year average of 71%.  Look for slightly lower trade today as U.S wheat struggles to stay competitive in the world market.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.12 +0.02
Kansas City HRW: KWEZ17 4.33 0.00
Soybeans: SX17 9.85 -0.05
Corn: CZ17 3.49 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.57 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.73 -0.60 basis Oct Delivered Drayton
Corn: 2.54 -0.95 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/13)

Market Summary

Grain markets were higher overnight. Following the overnight session, corn is up one cent, soybeans are up three cents, and spring wheat is two cents higher.

Corn traded a narrow range overnight as the market still digests yesterday’s USDA report.  The report was more bearish than bullish for corn but traded higher yesterday on spillover strength from the soybean market.  Corn should trend lower with a carryout over 2.0 billion bushels and a yield only 2.8 bushels per acre below last year.  Look for lower trade today on big crop ideas and increasing harvest activity.

Soybeans saw a slight bounce overnight on follow through support from yesterday’s USDA report.  The USDA lowered projected yield to 49.5 bushels per acre from 49.9 last month, the trade was expecting a slight increase.  Soybean harvest has been decent this week, although we could see delays from expected rains over the weekend.  Look for choppy trade ahead of the weekend.

Spring wheat closed two cents higher this morning, after trading a four cent range overnight.  U.S and world supplies remain very large with a U.S stocks to use ration at 45.5%.  Winter wheat plantings were reported at 48% complete through last Sunday.  Planting progress is expected to be 50-60% complete by Monday.  Look for choppy trade today, with pressure from plentiful world stocks.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.13 +0.02
Kansas City HRW: KWEZ17 4.27 +0.01
Soybeans: SX17 9.95 +0.03
Corn: CZ17 3.50 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.58 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.67 -0.60 basis Oct Delivered Drayton
Corn: 2.60 -0.90 basis Oct Delivered Drayton
Soybeans: 8.85 -1.10 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/11)

Market Summary

Grain markets were slightly lower overnight. Following the overnight session, corn is down one cent, soybeans are unchanged, and spring wheat is one cent lower.

Corn traded lower overnight as the market remains range bound and technical ahead of tomorrow’s USDA report.  Yesterday’s afternoon crop progress report showed improving conditions for the U.S corn crop, up 1% to 64% good/excellent.  This would support the idea that the USDA could raise its yield estimate on tomorrow’s report.  Look for quiet, uneventful trade ahead of tomorrow’s report.

Soybeans closed a fraction lower this morning after trading a narrow three cent range overnight.  November soybeans remain range bound with technical support at $9.60 and resistance at $9.75.  Harvest progress came in at 38% complete, which was in line with expectations.  The average progress for this time last year was 43% complete.  Look for mostly choppy trade ahead of tomorrow’s USDA report.

Spring wheat closed slightly lower this morning after low volume trade overnight as the market awaits tomorrow’s report.   Winter wheat planting progress came in at 48% complete.  This was in line with trade estimates, but is still 11% behind the five year average of 59% complete.  Look for mostly lower trade today due to poor demand for U.S wheat and large world stocks.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.16 -0.01
Kansas City HRW: KWEZ17 4.28 -0.03
Soybeans: SX17 9.65 0.00
Corn: CZ17 3.47 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.61 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.68 -0.60 basis Oct Delivered Drayton
Corn: 2.57 -0.90 basis Oct Delivered Drayton
Soybeans: 8.55 -1.10 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/06)

Grain markets were mixed overnight. Following the overnight session, corn had no change, soybeans are down one cent, and spring wheat is five cents higher.

Corn closed a fraction higher this morning after trading a narrow two cent range overnight.  For the week, December corn has dropped six cents.  Technically, December corn is in a tight range with support at $3.47 and resistance at $3.50.  Look for slightly higher trade today as wet weather is likely to delay harvest for much of the Corn Belt over the weekend.

Soybeans closed a penny off the overnight low at $9.67.  A weaker soybean meal market pressured the market overnight.  For the week, November soybeans has dropped two cents and meal dropped $0.10 per ton.  Look for higher trade today on harvest delays and technical buying.  The market may try to push toward the next level of technical resistance at $9.76.

Spring wheat traded higher the entire night but lower into the morning, closing two cents off the overnight high of $6.22.  For the week, December wheat has dropped four cents.  Spring wheat movement remains quiet as winter wheat planting gets stalled in some areas.  Look for higher trade today on strength from the overnight session.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.20 +0.05
Kansas City HRW: KWEZ17 4.33 -0.01
Soybeans: SX17 9.67 -0.01
Corn: CZ17 3.49 0.00

 

CHS Drayton Cash Prices
Spring Wheat: 5.65 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.73 -0.60 basis Oct Delivered Drayton
Corn: 2.61 -0.88 basis Oct Delivered Drayton
Soybeans: 8.57 -1.10 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/05)

Grain markets were higher overnight. Following the overnight session, corn is up two cents, soybeans are up four cent, and spring wheat is seven cents higher.

Corn bounced higher overnight after putting in a new two week low yesterday.  Harvest delays provided some light support.  December corn is currently trading at $3.50 with the technical support at $3.46 and resistance at $3.52.  Look for higher trade as forecasted rains will delay harvest will in Corn Belt.

Soybeans traded higher overnight with support from harvest delays and stronger soybean meal and soybean oil markets.  Technically, soybeans remain range bound with support at $9.54 and resistance at $9.87.  Rain systems continue to move across the Midwest, disrupting harvest in many areas until next week.  Look for higher trade today on harvest delays.

Spring wheat trade was mixed overnight as the Minneapolis/KC spread continues to narrow.  Winter wheat seeding is off to a slow start with rain and snow delaying planting.  Acres are expected to be down slightly this year.  Exports for spring wheat were 496.5tmt which was within the range of 300tmt to 500tmt that was expected.  Look for mostly higher trade today.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.17 +0.07
Kansas City HRW: KWEZ17 4.37 +0.01
Soybeans: SX17 9.62 +0.04
Corn: CZ17 3.50 +0.02

 

CHS Drayton Cash Prices
Spring Wheat: 5.62 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.77 -0.60 basis Oct Delivered Drayton
Corn: 2.62 -0.88 basis Oct Delivered Drayton
Soybeans: 8.57 -1.05 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/04)

Grain markets were nearly unchanged overnight. Following the overnight session, corn is down one cent, soybeans and wheat had no change.

Corn closed down a penny this morning after trading a narrow one cent range overnight.  December corn is just above the next level of technical support of $3.48.  This is the lowest level we have seen in over two weeks, as the market seems range bound from $3.60 to $3.44.  Look for lower trade on mild harvest pressure.

Soybeans closed unchanged this morning after low volume, uneventful trade overnight.  This is to be expected as China is out of the market this week on holiday.  November soybeans are trading at their lowest level in over a week.  In order to rally, the market need to break above the next level of technical resistance at $9.57.  Look for lower trade today on weakness in the soybean meal market.

Spring wheat closed a fraction higher this morning after trading a narrow two cent range overnight.  News remains routine as the market continues to struggle with large stocks/use ratios in the U.S.  Stocks are only getting bigger as the U.S seeds the winter wheat crop.  Look for slightly lower trade today as the December contract is just above the next level of technical support of $6.06.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.12 0.00
Kansas City HRW: KWEZ17 4.40 -0.01
Soybeans: SX17 9.55 0.00
Corn: CZ17 3.48 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.57 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.80 -0.60 basis Oct Delivered Drayton
Corn: 2.60 -0.88 basis Oct Delivered Drayton
Soybeans: 8.50 -1.05 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (10/03)

Grain markets were mixed overnight. Following the overnight session, corn is down one cent, soybeans are down two cents, and wheat is two cents higher.

Corn traded lower overnight trading a narrow two cent range.  December corn is trading at $3.50 with technical support at $3.49 and $3.48.  The USDA pegged the corn crop at 68% mature vs. the five year average of 78%.  Harvest is 17% complete compared to the five year average of 26%.  Look for mostly lower trade today on mild harvest pressure.

Soybeans were weaker overnight as harvest activity picks up.  Ideas of a big crop also provide pressure to the market.  Harvest was reported yesterday at 22% complete, slightly behind the five year average of 26%.  Michael Cordonnier, president of Soybean & Corn Advisers raised his 2017 soybean yield to 49 bushels per acre, up a bushel per acre.  Look for lower trade today as we still have over 75% left to harvest.

Spring wheat traded slightly higher overnight on short covering after the recent selloff.  Minneapolis wheat filled a technical gap yesterday at $6.07 to $6.12 left from June.  Recent snow and rains are slowing down winter wheat planting.  The USDA pegged seeding at 36% complete, behind the five year average of 43%.  Look for higher trade today on a slight rebound from the recent selloff.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.14 +0.02
Kansas City HRW: KWEZ17 4.40 +0.01
Soybeans: SX17 9.55 -0.02
Corn: CZ17 3.50 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.59 -0.55 basis Oct Delivered Drayton
Winter Wheat: 3.80 -0.60 basis Oct Delivered Drayton
Corn: 2.62 -0.88 basis Oct Delivered Drayton
Soybeans: 8.45 -1.10 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%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

CHS Drayton: Morning Market Wire (09/29)

Grain markets were nearly unchanged overnight. Following the overnight session, corn is down one cent, soybeans are down five cents, and wheat is one cent lower.

Corn was quiet overnight headed into today’s USDA report at 11am.  December corn saw a narrow two cent range.  The average estimate for the Quarterly Stocks report is 2.353 billion bushels.  Jun 2017 stocks were 5.225 billion and Sep 2016 came in at 1.737 billion.  Harvest weather remains mostly favorable as yield reports continue to come in better than expected.  Look for quiet trade this morning, until the USDA report is released.

Soybeans traded lower the majority of the night with the November contract closing just above the overnight low of $9.55.  Harvest pressure and a weaker soymeal market provided pressure overnight.  The average estimate for the Quarterly Stocks report is 338 million bushels.

Spring wheat closed unchanged this morning in anticipation of today’s USDA report.  Many analysts are expecting the USDA to lower spring wheat production.  The average grain stocks estimate is 2.205 billion bushels.  The next level of technical support is at the 10 day moving average of $6.33, then at 200 day of $6.14.  Resistance is at the 100 day moving average of $6.65.  Look for steady to lower trade in front of the report.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ17 6.45 0.00
Kansas City HRW: KWEZ17 4.52 0.00
Soybeans: SX17 9.56 -0.03
Corn: CZ17 3.53 +0.01

 

CHS Drayton Cash Prices
Spring Wheat: 5.87 -0.58 basis Sept Delivered Drayton
Winter Wheat: 3.92 -0.60 basis Sept Delivered Drayton
Corn: 2.65 -0.88 basis Sept Delivered Drayton
Soybeans: 8.46 -1.10 basis Sept 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 11.8%

+.10 cents ea. 1/5 from 14.0% to 15.0%

+.10 cent bump at 15.0%

Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.  CHS makes no warranties, representations or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.

 

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