Updated on 1/16/2018
At the break this morning grains are mixed. Corn is up 2 cents, wheat is down 4 ½ cents and beans are up 7 ¼.
USDA corn and soybean yields for the 2017 growing season showed corn yields rising another 1.2 bushels per acre this month to a record 176.6 bpa. Among the major production states, two managed to clear the 200 bpa mark this year—IA and IL, up 5 bpa and 3 bpa from November, respectively—after each had posted one such number previously. Soybeans lost some ground this month with the major output states sliding versus 2016, but still wind up at the second-best yield ever.
A private analyst is expecting Safrina corn crop acres in Brazil to be lower than last year, due to a later than normal soybean harvest in Brazil, these acres are expected to switch from Safrina corn to cotton, sunflowers or dry beans.
According to National Grain Trade Centre, China sold 439,698 metric tons of wheat at an average price of 2,447 yuan per tonnes, or $380.47 per tonne, at a state reserve auction. This is only approximately 20% of what is available for auction.
According to the Mato Grosso Institute of Agricultural Economics, soybeans in Mato Grosso, Brazil are 1.2% harvested compared to 5.3% this time last year.
Chart of the Day
Low overnight temps are causing some Plains winterkill this morning; precipitation chances do look a bit better at this point for the weekend and beyond.