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Market Commentary from the Northern Ag Network: 8/22/2017 3:00 PM
December Chicago wheat closed down 8 cents at another new contract low, still failing to find willing buyers with cash prices at their lowest level in over three months. It is a little hard to comprehend how wheat prices can't find any buying interest in either Chicago or K.C. after a year in which U.S. wheat production dropped at least 25%, but part of the problem continues to be that noncommercials need to liquidate failing positions in K.C. and Minneapolis. With spot wheat prices back near their lowest levels in 10 years, we could make a case that winter wheat prices have fallen too far, too fast. However, potential buyers can afford to be choosy while USDA is estimating record world ending wheat stocks in 2017-18. The result is that wheat may be in for another long winter of low prices. Late Monday, USDA said 58% of spring wheat was harvested and the seven-day forecast supports further harvest progress in the northwestern U.S. Moderate to heavy showers across the Southern Plains should help this fall's planting of winter wheat as the cycle continues.
December corn closed down 3 cents Tuesday with scattered showers stretched from eastern Kansas across the eastern Midwest, heavy in some spots like Kansas City where flooding occurred. The Midwest is not expecting much rain the next seven days while the better chances are across the southern U.S. Temperatures are expected to stay mild through the end of August. Late Monday, USDA said 76% of corn had reached dough stage and 29% was dented, down from the five-year average of 35% dented for this time of year. 62% of corn was rated either good or excellent, the same as a week ago. 14% of Illinois corn rated poor or very poor, up from 11% last week. While this year's corn crop is slower to develop, there is no threat of early freeze seen in the current fall forecast. For now, December corn continues to trickle to new lows in 2017, in line with its seasonal tendency and anticipating a corn harvest near 14 billion bushels this fall.
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing