Grains were mixed overnight with Nov beans spending much of the night below $10 while corn and wheat were holding onto small gains going into the break.
Day 3 of ProThe annual Pro Farmer Midwest Crop Tour on Wednesday projected Illinois' corn yield potential sharply higher than last year but the estimates trailed USDA’s record-large forecast.
Scouts on the four-day tour predicted average corn yields in Illinois at 193.50 bushels per acre, up from 171.64 bpa last year and the three-year crop tour average of 179.69 bpa. The outlook was below USDA's Aug. 12 estimate of 200 bpa, which if realized would equal 2014's record average yields in the state. Soybean pod counts in a 3-by-3 foot area were calculated at a statewide average of 1,318.09, up both from 1,190.47 pods in 2015 and the three-year tour average of 1,201.87 pods.
In Western Iowa, Pro Farmer pegged the crop there at 187.5 vs 181.5 in 2015 and a 3-year average of 175.9. For soybeans, the pod count came in at 1,290 this year vs 1,263 last year and a 3-year average of 1,161.
The International Grains Council on Thursday raised its forecasts for both world wheat and corn production in the 2016/17 season. The IGC projected world wheat production in 2016/17 at 743 MMT, up from a previous forecast of 735. World corn production in 2016/17 was seen at 1.030 billion tonnes, up from a previous projection of 1.017 billion.
WEEKLY EXPORT SALES
OC-Act OC-Exp NC-Act NC-Exp
Corn 71 100-250 1,059 800-1,000
Soybeans 115 50-200 1,939 1,100-1,300
Wheat 379 400-600
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
