ATTENTION: Does setting a floor now with UNLIMITED UPSIDE potential, if the market rallies, sound good to you? Call us about the FOUNDATION contract. Kurt- Sidney 688-2307 Tom- Tolono 485-6630 Maynard- Dewey 897-1111
PLEASE BE AWARE: In light of recent developments we have re-evaluated our policy regarding acceptance of corn with traits that are not approved for worldwide consumption. To protect access for all Premier members to all available markets we will NOT be accepting Duracade® corn grown in 2014. A letter was sent to all patrons the week of March 3, 2014 to further explain Premier’s position.
GRAIN FROM BINS Corn & Soybeans delivered now are eligible for FREE DP through Aug 31, 2014
Overnight the markets started out trading firmer a lower crop ratings but then sold back off this morning. Currently corn is trading 1-2 lower, soybeans 2-4 lower, and wheat 1-2 lower. The outside markets are mixed with crude oil trading lower, gold higher, and the dollar higher.
IN OTHER NEWS:
Tuesday, July 29th, 2014
US corn conditions were 75% G/E vs 76% last week and 63% last year. Corn silking was 78%, up 22% from last week and vs 75% avg.
Soybean conditions were 71% G/E, down 2% from last week and vs 63% last year. Soybeans setting pods were 38% vs 19% last week (31% average).
Winter wheat was 83% harvested, up 8% from last week vs 80% average.
Spring wheat was 70% G/E vs 70% last week and 68% last year.
UKRAgroConsult raised their 2013 Ukraine grain harvest estimate to 57.4 mmt from 55.3 mmt, raising Ukraine corn production to 27 mmt vs 25.5 mmt previously and wheat to 21 from 20.5 mmt previously.
Ukraine AgMin said harvest occurred on 7.1 mil ha of grain as of 7/28 with total gathered totaling 23.6 mmt. Volume includes 16.3 mmt of wheat and 6.8 mmt of barley.
Brazilian farmers saying GMO corn, mainly triple stack BT corn is no longer protecting Brazilian farmers from voracious tropical bugs increasing their costs as producers turn to pesticides. In Brazil, the main culprit is the corn leaf worm or southern grass worm.
China sold 94,009 MT or 26.57% of the 353,843 MT of beans offered from state reserves. Volumes up from the 15.5% traded last week with average prices at 4,113 yuan/ton, up 61 yuan/ton from last week.
Scouts in Canada saying the canola crops in southern Manitoba are showing wide ranging variability and that many are behind in development. Some scouts noting that some canola was just starting to flower while others were in full bloom.
Australian barley exports are on track to hit a record as Chinese buyers chase substitutes for high priced domestic corn. Exports will top 3 mmt of barley by the end of July while booked shipping records indicate volumes may top 6.15 mmt seen in the 2011/12 MY.
Australian exporter CBG Group said that Australia’s largest producing state Western Australia is likely to beat official estimates for wheat production by about 1 mmt or 12%. They see wheat production to hit 9.4 mmt out of total grain production of 15.4 mmt. ABARES estimates Western Australia wheat production at 8.4 mmt.
The Argentine govt will reconvene with the mediator today but are assuming a default as the 7/30 deadline approaches according to La Nacion.
Taiwan’s MFIG bought 50,000 MT of S African corn at ~$229.87/ton C&F for Sept/Oct shipment.
S Korea’s MFG passed on their tender for 65,000 MT of feed wheat
USDA reported a flash sale of 486,000 MT of beans to China for 2014/15 including 240,000 MT from the US and 66,000 MT of opt origin
USDA reported a flash sale of 101,000 MT of wheat to Nigeria for 2014/15 including 61,000 MT of HRW and 40,000 MT of SRW.
HAVE A PREMIER DAY The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be
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