Morning Comments September 12, 2018
Wednesday, September 12, 2018, 8:09 AM
Submitted by: Landus Cooperative
Corn down 1-2
Beans down 6-7
Grains trading lower this morning with corn down a penny and beans 5 cents lower. U.S. crop progress and conditions report showed 5% of the U.S. corn crop is harvested vs. 3% on average. Today is the monthly WASDE report and that will be out at 11 a.m. today. The average trade estimate for today’s report has soybean yield at 52.3 bpa vs August USDA estimate of 51.6 bpa. Markets are down overnight in anticipation of the increase in both corn and bean yields in today’s report. 2018/19 soybean ending stocks are estimated at 828 million bushels vs 785 last month. The average trade estimate for today’s report has corn yield at 177.6 bpa versus August USDA estimate of 178.4 bpa. 2018/19 corn ending stocks are estimated at 1.614 billion bushels vs 1.684 billion last month. Hurricane Florence has the eastern edge of the U.S. on lock-down, bracing for this storm.
We are showing a quick ship bid into our Ralston soybean plant. If you want to take advantage of that, you must sell the beans for delivery by the specified date of delivery. Be sure you will be able to have them delivered in that time frame. Ralston also has a limited tolerance for any soybeans above 14% moisture. Please call for exact info, as this bid will change and/or disappear quickly as soybean harvest progresses.
Markets will continue to wait for harvest news. Combines starting to creep in the fields for bean harvest throughout the state.
Have a great day!