Soybean Harvest Half Complete

October 14, 2008 07:00 PM
 

Julianne Johnston Pro Farmer Senior Markets Editor


From Pro Farmer

Updated as of 7:00 a.m. CT

Corn condition improves slightly; soybean harvest half complete... After USDA's crop ratings are plugged into our table, it reveals a 1-point improvement in the condition of the corn crop from last week to 361.01 (scale or zero to 500-being perfect). This compares to 367.41 last year. The condition of the soybean crop is down marginally from last week, but this marks the last condition rating of the season, as soybean harvest passed the halfway point -- one week behind year-ago.

Soybean harvest advanced twenty percentage points from last week, but lags the 5-year average by ten percentage points. Illinois has 45% harvested (70% on average); Indiana is 55% (56% on average); and Iowa has 68% harvested (79% on average). Producers in most areas made solid progress last week, but rains in the near-term forecast will not allow producers to catch up with the average pace this week.

Meanwhile, USDA reports 21% of the nation's corn crop is harvested, up from 14% last week, but trails the average pace of 41%. Last year at this time, half of the crop was in the bin. Illinois has 20% harvested (63% on average); Indiana is at 26% (38% on average); and Iowa has 7% harvested (27% on average). USDA reports 86% of the crop is mature, which compares to the average pace of 95%.

Corn

10/12/08

10/05/08

10/14/07

Illinois

64.59

64.42

66.29

Indiana

27.11

26.80

27.22

Iowa

68.99

68.23

73.92

Kansas

13.62

13.43

13.97

Minnesota

35.20

36.09

32.88

Missouri

11.14

11.04

11.85

Nebraska

44.04

43.70

46.18

Ohio

12.93

12.68

14.33

South Dakota

15.06

15.36

15.09

Wisconsin

12.42

12.64

11.78

Total

362.01

361.19

367.41

 

Soybeans

10/12/08

10/05/08

Illinois

54.91

55.06

Indiana

28.41

28.50

Iowa

60.20

60.20

Minnesota

34.25

35.05

Missouri

20.34

20.22

Nebraska

28.77

28.39

Ohio

20.20

19.92

South Dakota

16.97

16.97

Total

351.34

351.97

 

Keep your comments coming. Always good to have conversation with you and input on what you'd like to talk about. E-mail your comments/question to me by clicking here. Please include your location.


Opening calls. These calls originate more than three hours before the open -- use caution, things change:

Corn: 2 to 3 cents lower. Futures saw limited selling interest in overnight trade from yesterday's late-session decline. Futures closed narrowly mixed yesterday after trading firmer throughout much of the session. The inability of the stock market to add to Monday's record gains resulted in nervous attitudes in the grain markets, as investors remain cautious about plans to prop up the economy. Support for December corn lies at the recent low of $4.08. Violation of that support could trigger a round of sell stops.

Soybeans: 1 to 2 cents lower. Futures saw light followthrough selling interest overnight. Futures started higher yesterday, but buyer interest quickly dried up and the market softened and beans closed 30-plus cents lower. Soybeans were unable to build on Monday's corrective gains as the U.S. stock market couldn't muster followthrough buying and crude oil also turned lower. November soybean futures posted a sharp bearish reversal to extend the price plunge.

Wheat: Mixed. Futures were 2 cents lower to 2 cents higher overnight, with nearbys weaker. Futures opened higher yesterday, but closed around 13 to 15 cents lower as crude oil erased early gains and turned lower. Until there is stability in the global financial system, it will be very hard to generate sustained buyer interest, and risk of additional heavy liquidation pressure exists. December Chicago wheat futures posted a bearish reversal, but stopped shy of support at last Friday's low at $5.58.


Cash cattle expectations: Watching beef prices. Cash sources say cash trade isn't likely until later in the week, with both sides keeping an eye on futures and the beef market. Choice beef values were 39 cents firmer and Select declined $1.77. Movement was decent at 320 loads, but needs to strengthen in order to raise cash hopes.

Futures call: Steady to weaker. Futures trimmed gains into yesterday's close, which could lead to pressure on the open. Traders will continue to keep a very close eye on outside markets, but Tuesday's price action is another reminder that without support from outside markets, upside potential in the cattle pits is limited.

Cash hog expectations: Steady to weaker. The cash hog market is expected to remain under pressure the remainder of the week as most packers have the bulk of this week's needs covered. Pork cutout values declined $1.46 yesterday, further trimming packers' profit margins.

Futures call: Mixed. Futures favored a weaker tone yesterday, with nearbys seeing pressure from the cash hog market. We're expecting a mixed open this morning, but bears remain in control of the hog market. October hogs expired yesterday, with December now assuming the lead-month status. Dec. hogs hold a $7 discount 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