Weekly Cash Comments
Weekly Cash Commentary for week ending 09/15/2017
Grain basis was mixed throughout the country as the convergence of old-crop/new-crop marketing seasons begins to cause some shifting patterns in basis. On the week, US average corn basis was fractionally higher while soybeans lost 3 cents a bushel.
Grains Lower in the Overnight with Soybeans Giving Up 3 Cents
NOPA Crush Estimates To Be Released Today at 11 CST
Grains were lower overnight with soybeans giving up 3 cents after yesterday’s sharp 16 cent rally. Corn was also lower while wheat was unchanged going into the morning break.
Strong Number for Beans on Export Sales Report This Morning from USDA
Grains Found Buying Strength in the Overnight Session
Grains found a bit of buying strength overnight with beans and wheat leading the complex higher on 5 cent gains while corn lagged behind on a 2-cent advance.
Corn and Beans Advance in the Overnight Session
USDA Report on Tuesday Brought Bearish News to Grains
Grains were higher overnight with corn advancing 2 cents while soybeans and wheat added 4 cents.
Today’s USDA Report Expected to Show Only Minor Adjustments
Ahead of the USDA Report, Corn and Beans Were Off 1 This Morning
Grains went into the morning break with sideways trade action still the major theme. Ahead of the USDA report corn and beans were off 1 while wheat was up 1.
Grains Mostly Directionless to Start the Week
USDA Releases the Quarterly Stocks Report Tomorrow
Tomorrow brings new data from USDA with the release of the Quarterly Stocks report and USDA’s WASDE Report
Export Sales to be Released Tomorrow Due To Holiday
Grains Were Mixed in the Overnight Session
Due to the holiday this week, export sales have been pushed back a day and will be released tomorrow.
Hurricane Harvey Impact
Crop Conditions Reported Yesterday
Crop conditions were reported within analyst expectations after the market closed yesterday. Corn declined by a percentage point to 61 percent good to excellent compared to expectations of holding steady.
Grains Mostly Unchanged in the Overnight Session
Exporters sell 131,000 MT of Soybeans for delivery to china during the 2017/2018 marketing year. USDA
The grains have come under pressure following the Pro Farmer crop tour as traders became less concerned that the USDA would revise production lower.
Crop Tour Results Released
Crop Progress Report Out Later Today
The Pro Farmer crop tour announced their official crop estimates on Friday after walking fields across Ohio, Indiana, Illinois, Minnesota, Iowa, Nebraska and South Dakota.