MORNING COMMENTS:
Friday August 12th, 2022
The USDA report will be released today at 11 am.
Corn -2
Corn futures lost a few cents on the overnight session ahead of today’s USDA acreage report. Losses in corn futures were limited from anticipated weather conditions calling for additional hot and dry conditions. China is planning to make Brazil their primary corn supplier due to the war on Ukraine and arising tensions with the US.
Beans -5
The bean markets opened lower before the release of the USDA’s report. However, prices gathered support from hot and dry conditions anticipated during pod filling stage. The market is looking for the USDA report to lower bean yield from 51.5 bu/acre down to 51.1 bu/acre. The market is also looking for world production numbers to decrease down to 4.481 billion bushels from 4.505 billion.
Spring Wheat -10
Winter Wheat -11
Wheat futures had double-digit losses on the overnight. Wheat prices gained some support from the US dollar rebounding. We could possibly see a 400,000 acre increase in spring wheat acres due to the re-survey of Minnesota, South Dakota, and North Dakota. World production adjustments are expected in Russia, Europe, Ukraine, and Argentina. Harvest for Winter wheat is approaching completion after this week’s promising weather conditions.
Hallie T
GRAIN UPDATE
FREE Delayed Pricing on Corn & Soybeans
Corn Crop Ratings 8/8/22
Good/Ex 58% | Fair 26% | Poor 16%
MN 62% SD 59% NE 50% IA 73% ND 72%
Last Year 64% Good/Ex vs 5 yr avg of 65%
Soybean Crop Ratings
Good/Ex 59% | Fair 30% | Poor 11%
MN 63% SD 60% IA 71% IL 70% ND 59%
Last Year 60% Good/Ex vs 5 yr avg of 65%
USDA Supply Demand Report 8/12/22
Carryouts 22/23
Corn 1388 < 1470 July
Beans 245 > 230 July
Corn Production 14.359 Yield = 175.4
Bean Production 4531 Yield = 51.9
World Ending Stocks 22/23
Corn 306.7 < 309.8 Est.
Beans 101.4 > 99.5 Est.
Wheat 267.3 < 268.0 Est.
GRAIN MARKETING TEAM
Joe Meyer Grain Dept Manager
Chris Aasland Grain Marketing
Hallie Tolzin Grain Marketing
Will Stegner Grain Marketing
Brenda Wilson Grain Accounting
Kayla Golden Grain Accounting
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