This Week in Grain - October 22, 2018

11:08 AM 10/19/2018

Wet, snowy, cold weather has finally given way to warmer, dryer conditions in our areas allowing harvest to restart.  There was and is a lot of concern on quality and field conditions especially for soybeans, with a lot of areas in fields laying flat on the ground after receiving upwards of 8 inches of snow.  From my understanding producers have been able to pick up these beans off the ground.  Corn has been slow to dry, with a lot of moistures ranging from 20 up to 26%. Hopefully these moisture levels will come down with our return to more seasonal temperatures. 

The resumption of corn harvest and poor export sales dropped corn values Thursday.  A significant factor contributing to the low export sales number, is due to a cancellation of some sales made to unknown destinations. Yet export commitments remain ahead of a year ago. 

It is the same story for soybean values.  Harvest ramping up and export sales showed low numbers.  There have been reports that soybean damage and yield loss due to shattering pods have been occurring.  There have also been sales commitments being canceled. China is impacting commitments the most, with purchases at 1.1 million metric tonnes, vs 12.9 million metric tonnes last year at this time.

Jim Gallagher

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