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Market Commentary from the Northern Ag Network: 10/17/2017 3:00 PM
December Chicago wheat ended down 1 3/4 cents Tuesday, staying in its sideways range of the past two months with no bullish arguments to inspire potential buyers. USDA said 60% of winter wheat has been planted, down from the five-year average of 71%. Kansas is only 42% planted, far below its usual pace. Without an excuse of bad weather, we are left to assume that producers are still looking for alternatives and wheat plantings are likely to be down again. That may offer some support to wheat prices in the spring, but getting prices to move from now until spring of 2018 will be a tough task with USDA predicting record ending wheat supplies in 2017-18. Technically, winter wheat prices remain in a sideways range with Chicago wheat enjoying commercial support in the low $4s.
December corn closed down a half-cent Tuesday, holding roughly steady in its same sideways range of the past six weeks as the 2017 harvest makes slow progress. USDA said late Monday that 90% of corn was mature and 28% was harvested, down from its five-year average of 47%. Harvest progress was still in single digits in Minnesota, North Dakota and Wisconsin, but should pick up the next five days with warm temperatures and mostly dry weather expected. Corn exports have been tougher to come by since South America's big crops showed up, but early Tuesday, USDA said Mexico bought 4.5 million bushels (115,000 metric tons) of U.S. corn and another 5.7 million bushels (146,000 mt) were sold to unknown destinations, both for 2017-18.
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing