COMMENTARY 9/21/17

Whew, It’s HOTT out there!

CORN

UNCHANGED

Very light.  Export sales were out this morning and were disappointing at 20.7 vs expectations of 28-39 mill bu. Mexico, Japan, and Columbia were the big buyers. Yield reports continue to be hard to substantiate. Hot/dry conditions are helping hurry ripening. The Texas Panhandle and areas SW of Amarillo are showing high levels of fumonisin. The outside of the kernels look good but the insides are toxic and too high of levels even for feeding cattle. THERE IS MUCH MOTIVATION TO HOLD  BU’S OFF THE MARKET by any (most) means possible.

 

BEANS

UNCHANGED

Quiet.  Some areas are reporting good yields, despite dryness. Then, there are some yields come in from better dirt that are less impressive.  China  purchased three cargoes of Brazilian beans, rather than the US. Export sales came in at 85.9 mill bu, with China accounting for 51.6 mill bu, and unknown the second largest buyer at 19.4 mill bu. There was also a new sale announced of 132,000KMT.

 

WHEAT

UP 3

Quiet.  The 7 day forecast is calling for 1.5″ – 5.0” rains for W  TX, OK, KS, NE, MN and the Dakotas.  These rains should be excellent for seeding new acres.