Corn slightly lower this morning and beans 3-5 cents lower. USDA just release an export sale at 8 this morning of 393,000 metric tons (about 14.4 million bushel) of soybeans to unknown destinations. Lower bean prices last week and a weaker US dollar helping to support exports. CFTC reported that funds are currently short 148,000 contracts of corn, which is leaving the corn bulls optimistic. Bean funds were sellers last week of 6,000 contracts of beans and 3,000 contracts of meal. Currently the dollar is trading 291 points higher and the crude oil is trading 84 cents lower at $46.80 a barrel.
Pro Farmer released their final numbers on Friday after the board closed. They pegged corn yield at 170.2 bushel per acre. USDA currently has corn at 175.1. If the USDA adjusts their September number to this level, we will see carryout drop back down to the 2 billion bushel level, which is still a very large carryout number.
For soybeans, Pro Farmer estimated a yield of 49.3 bushel per acer. This is higher than the USDA’s 48.9 bushel to the acer, but still in the same range. Typically the USDA September number correlated more with what Pro Farmer releases in August.
Please join us for our pre-harvest grain meetings. The schedule is online at http://www.landuscooperative.com/news_release/meeting-schedule-farmers-invited-to-pre-harvest-meetings-regarding-grain-policies-marketing-opportunities/
I am in Boone this morning. You can reach me here in the office at 515-432-4563 or on my cell phone at 712-210-5406.