HRW Wheat Crop Declines; SRW Improves

November 8, 2011 12:45 AM
 

Winter wheat better than year-ago. The weighted Pro Farmer Crop Condition Index (CCI; 0 to 500 point scale) shows the HRW crop dropped 1 point from last week to 330, while the SRW crop improved 2 points to 364. While the HRW crop in Kansas and Oklahoma posted slight improvement, slight declines were seen in Texas, Nebraska and Colorado.

Additional rains are in the forecast for the Central and Southern Plains this week, which should result in improvement in crop ratings in the region in next week's condition report.

Winter Wheat

11/06/11

10/30/11

11/06/10

Kansas

123.99
123.25
111.74

Oklahoma

32.18

31.58

38.86

Texas

22.08

23.22

30.20

Colorado

35.45

36.69

25.17

Nebraska

29.42

29.12

24.44

HRW total

330.36

331.37

309.55

Missouri

24.74

24.30

26.64

Illinois

38.02

37.03

35.76

Ohio

50.94

51.84

56.43

Arkansas

18.26

17.55

19.63

Indiana

23.40

23.02

17.96

North Carolina

30.61

30.30

27.27

Michigan

43.12

43.35

39.52

SRW total

364.45

361.76

348.78


Follow me on twitter @julijohnston

Overnight highlights. Following are highlights of overnight trade and opening calls:

Corn: 1 to 2 cents higher. Futures saw limited price action again overnight as traders have moved to the sidelines as they await Wednesday morning's USDA crop reports. Traders expect USDA to trim the size of the crop and carryover from last month, which has helped to limit pressure so far this week. Buying in the pit is being limited by concerns about the global economy, although the U.S. stock market is poised for a firmer start this morning.

Soybeans: 4 to 7 cents higher. Futures were firmer overnight amid short-covering after yesterday's losses. Futures were pressured yesterday by traders' expectations for around a 25-million-bu. increase in carryover from last month due to recent lackluster demand. Also weighing on the market are uncertainties surrounding the euro-zone. Focus in the market for now, however, is on preparing for USDA's reports.

Wheat: Mixed. Futures were choppy yesterday and remain in a follower's role. Nearbys were 1 to 2 cents firmer overnight on spillover from corn. December Chicago wheat is trading at around a 15-cent discount to December corn futures. But due to lackluster demand, traders do not view wheat as a value buy. Traders expect USDA to trim carryover tomorrow morning, which should also help to limit pressure.

Live cattle: Steady to firmer. Following yesterday's losses, futures are called to open firmer on strength in the beef market. Choice beef values rose $2.03 yesterday and select rose 14 cents on strong movement to start the week. While beef export demand remains strong, domestic demand has seen a recent boost from Wal Mart saying it has been stocking up with higher-quality beef to boost food sales.

Lean Hogs: Mixed. Futures are called mixed on a combination of followthrough pressure from yesterday's losses and short-covering. Pork cutout values improved 81 cents yesterday, which could result in several packers keeping bids steady as they work to improve profit margins. But due to plentiful supplies, traders are comfortable with the discount nearby futures hold to the cash index.


 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close