CHS Drayton: Morning Market Wire (09/12)

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

Corn closed one cent lower this morning after trading a narrow range overnight.  The USDA will release their latest S&D estimates at 11:00am today.  The average estimate for corn yield on today’s report is 173.4 bushels per acre.  Traders are expecting the 2016-17 ending stocks to be 2.329 billion bushels.  Look for steady to lower trade this morning ahead of today’s report.

Soybeans traded a nine cent range overnight closing the session four cents lower.  The average yield estimate on today’s report is 49.2 bushels per acre with estimates ranging from 48.1 to 50.1.  Traders are expecting 2016-17 ending stocks to be 330 million bushels.  Look for mostly lower trade ahead of today’s USDA report.

Spring wheat closed one cent lower this morning after trading a three cent range overnight.  Many are expecting today’s USDA S&D report to show 2016-17 U.S wheat ending stocks to be 1.103 billion bushels.  Guesses ranged from 1.00-1.200.  Look for mostly lower trade this morning ahead of the USDA report.

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Futures markets as of 8:30 AM
Minneapolis Wheat: MWEZ16 4.92 -0.01
Kansas City HRW: KWEZ16 4.16 -0.02
Soybeans: SX16 9.76 -0.04
Corn: CZ16 3.40 -0.01


CHS Drayton Cash Prices
Spring Wheat: 4.07 -0.85 basis Sept Delivered Drayton
Winter Wheat: 3.11 -1.05 basis Sept Delivered Drayton
Corn: 2.75 -0.65 basis Sept Delivered Drayton
Soybeans: 8.93 -0.83 basis Sept Delivered Drayton


Spring Wheat Protein Scales

-.06 cents ea. 1/5 down from 14.0% to 13.0%

-.06 cents ea. 1/5 down from 13.0% to 11.0%

+.05 cents ea. 1/5 from 14.0% to 15.0%

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