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Market Commentary from the Northern Ag Network: 6/23/2017 3:00 PM
July Kansas City wheat closed down 3 1/2 cents Friday and was down 9 1/4 cents on the week, split between bullish influence from spring wheat's drought in the northwestern Plains and corn's favorable weather conditions throughout most of the Midwest. The wheat harvest in Kansas should have had a good week of progress and will be mostly dry the next five days before rain is expected to interrupt. Overall, yield reports are roughly even with a year ago in central Kansas, but are lower in western Kansas where snow hit in late April. So far, there have been no dramatic surprises reported. The bigger concern this year is drought in the northwestern U.S. Plains, and for that region, the seven-day forecast is still not offering much chance for rain. With U.S. wheat production expected to be down in 2017, all three wheats remain in uptrends, but only Minneapolis wheat continues to consistently push higher. DTN's National SRW index closed at $4.40 Thursday, priced 21 cents below the July contract and down from its highest price in a year. DTN's National HRW index closed at $4.06, down from its highest price in a year.
December corn closed down 5 1/2 cents Friday and was down every day this week, pressured by consistently bearish forecasts that scared potential buyers away from the market and set a new low for 2017. DTN's outlook for the next 15 days expects moderate summer temperatures throughout most of the Midwest with occasional showers just about everywhere, but the northwestern Plains where the moisture is desperately needed. Parts of the eastern Midwest around Indiana have been too wet this year and more moderate to heavy showers added to flooding problems on Friday along the Mississippi Delta and Ohio River Valley. Problematic wet areas may show up in Monday's Crop Progress report, but with no extreme heat in the forecast, it has been difficult to find any buyers for corn or soybeans. December corn's new 2017 low on Friday has turned the trend lower at a critical time when the seasonal tendency has already been pointing down since June 14. DTN's National Corn Index closed at $3.25 Thursday, priced 38 cents below the July contract and at its lowest price in eight weeks. In outside markets, the September U.S. dollar index is down 0.39 while most other commodities are higher.
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing