Grain Exchange – Corn, Soybeans and Wheat are All Trading Higher this Morning
It is Tuesday and the markets are shining as bright as the sun. Corn, soybeans and wheat are all trading higher this morning. Corn is higher on increased risk of freezing and snow in the Dakotas and Nebraska later this week. Positioning ahead of Thursday’s USDA reports is also supporting the corn market. USDA crop progress report has the percentage corn mature at 58% complete and corn harvest at 15% vs 19% expected. Crop ratings also decreased 1%. Corn yield potential is down more than half a bushel an acre at 167.3.
Soybeans are also trading higher positioning for the WASDE report on Thursday. Harvest moved from 7% last week to 14% this week, behind last year’s pace at 31%. Seventy-two percent of crop is dropping leaves, versus five year average at 87%. Crop ratings fell 2% to 53% G/E. More sales have been seen with China buyers taking 7.3 million bringing their total to 140 million bu for 2019. There is talk of lowering yield and acres for soybeans also supporting the market.
Wheat is up as well. Winter wheat plantings are at 52% versus 39% last week. Wheat exports numbers have been on the low end.
There is a lot to watch this week. The Supply and Demand report is released on Thursday, October 10 at 11:00. The storm that is moving into the Dakotas and Minnesota and how far south the cold front will move and the potential for frost.
Please keep communicating with your grain market specialist, we are here for you.
Harvest is beginning at many of our elevators, we are excited to help you get your crop in. This is a year for the record books, but let’s all work together to bring the harvest in safely.