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Market Commentary from the Northern Ag Network: 10/20/2017 3:00 PM
December Chicago wheat closed down 6 3/4 cents Friday and was down 13 1/2 cents on a week when buyers were hard to find. This week's warm and dry fall weather offered good opportunities for winter wheat planting with rain expected to follow this weekend in the central, southern, and eastern Midwest. It is still not clear how much winter wheat producers are willing to plant and, judging by the slow pace of planting progress, a smaller planting seems likely. That may help winter wheat prices in the spring, but will not offer much consolation this winter while world wheat supplies are plentiful and are taking away U.S. exports. With no threat to winter wheat supplies, noncommercials are likely to remain net short and the only source of support is commercial buying at these lower levels. DTN's National SRW index closed at $3.93 Thursday, priced 39 cents below the December contract and holding above its August low. DTN's National HRW index closed at $3.56, also above its August low.
December corn closed down 4 1/2 cents Friday and was down 8 1/4 cents on the week, ending within a tick of its August low. Even though this is the time of year when prices typically start to make a seasonal turn higher, corn has struggled to rise above its lows and anecdotes of higher-than-expected yields around the Midwest are likely the source of those problems. On the demand side, the export pace has been slow, but more sales were announced this week. Early Friday, USDA said 4.9 million bushels (125,000 mt) of U.S. corn sold to unknown destinations and 4.7 million bushels (120,000 mt) sold to Spain, both for 2017-18. All sales are welcome, but we can't fool ourselves that this fall's corn piles are going to disappear anytime soon. Technically, the trend in corn is still sideways, but vulnerable to new lows until we get farther past harvest.
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing