Grain News – Grain Markets Trading A Little Softer
The grain markets are trading a little softer to start this week. Many are waiting for the USDA report on Thursday to see what yields and carryout will be. The average estimates for Thursday’s report are for corn yield to be 181.8 and ending stocks to be 1.9 billion bushels. Soybean yield to be 53.4 and carryout at 860 million and wheat ending stocks to be 1.027 billion bushels. None of those numbers are bullish from a US perspective. Keep in mind though that demand has been excellent and world stocks on corn and wheat are trending lower.
The weather forecast is looking a bit drier going into the 8-14 hopefully allowing for some harvest. The harvest delays are allowing for elevators to get grain moved and help with logistics in some areas. The soybeans in the south have had some quality issues which is making it more difficult for those soybeans to find a market. They are anxiously waiting for some better-quality Midwest soybeans to blend with. If it doesn’t quit raining the Midwest may have some quality issues as well.
The export inspections and crop progress reports were delayed until today due to Columbus Day. Both the corn and soybean crop are expected to be about 35% completed on harvest. One thing to watch on winter wheat is with the late harvest will some acres not get planted. That may especially be true here in Wisconsin.
President Trump is expected to announce year around use of E-15 ethanol. The impact on corn will be limited with only 20-25 million bushels of increased corn demand because E-15 is already available 9 months out of the year and less than 2% of retailers offer it.
Hopefully we have dry weather to get this harvest moving along. Let us know how we can help with your marketing or storage needs. Be safe and stay dry.