MidCo Morning Comments

Good morning. Corn and soybeans are little changed this morning while wheat trades lower. Fresh news continues to be scarce – weather and yields remain good and are keeping pressure on prices while some support is coming from the approaching month/quarter end as well as the quarterly stocks report next Tuesday. The nearly perfect weather we have enjoyed this week will continue into next week with many producers cutting beans the next few days. Bean basis levels are on the defensive as buyers expect excellent yields to force elevators to sell a significant amount in the short run. Corn basis levels have tanked over the last week but may see at least some improvement as producers concentrate on bean harvest. Overnight, South Korea bought 23,600 MT’s of U.S. wheat and Greece purchased 3000 MT’s of Ukraine wheat. Export sales for the week ended September 18th  were as follows (million bu. for corn , beans, and wheat, MMT’s for soymeal, soyoil):

Corn

32.9   (2014/15)

Soybeans

94.4   (2014/15)

Wheat

14.6   (2014/15)

Soymeal

80.7   (2013/14 & 2014/15)

Soyoil

3.0     (2013/14 & 2014/15)

Export sales were near expectations. A two-sided trading day looks likely today.

6 to 10 Day Outlooks

Temperature

6 to 10 Day Outlook - Temperature Probability

Precipitation

6 to 10 Day Outlook - Precipitation Probability

8 to 14 Day Outlooks

Temperature

8 to 14 Day Outlook - Temperature Probability

Precipitation

8 to 14 Day Outlook - Precipitation Probability

Hugh Whalen|Commodity Risk Consultant | MID-CO COMMODITIES, INC.| Ph: 309-557-6010 | Fx: 309-828-2822| hwhalen@mid-co.com

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