REDUCED DRYING Premier Cooperative will be offering a reduced drying program starting on Tuesday September 16. The reduced rate will be 1.5 cents per point of moisture removed up to 27% moisture. Above 27% will be full rate, anything over 30% moisture can be dumped but the farmer should be shut off or move to another field. Volume will determine the length of the program; it will be at least through Thursday, Sept 18..
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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.
MARKET COMMENTS FOR 9/17/14 Corn The corn market closed lower on technical selling and big crop ideas with weather conditions improving. Harvest activity is expected to pick up the next week and thoughts are that we’ll see some pretty big yield numbers being reported. December closed down 2 cents at $3.41 ¾ and the July closed down 1 ½ cents at $3.69 ¾.
Lower finish to the corn market with the December contract holding above $3.40. The Dec failed to push through its 10 Day moving average of $3.44 ¾.
Weekly export inspections are expected to come in at 550-750 tmt.
Ethanol production was up 4k barrels at 931k barrels per day. Ethanol stocks were reported at 18.8mb, the highest level over the past 1 ½ years, as summer driving begins to wane.
An attempt (by Chinese and US officials) to come to an agreement over inspection requirements on US DDG supplies, was said to have failed.
Oilseeds Soybean prices pushed higher as bargain hunters began to surface. Gains were limited on expectations of a pickup in harvest activity. There is another rain event forecast for later this week and into the weekend, but after that it looks to be pretty clear sailing for soybean harvest. November closed up 1 ¾ cents at $9.82 ½ and the July closed up 2 cents at $10.12 ½.
USDA announced the sale of 620,000 tonnes of US soybeans to China for 2014/15. This comes after the signing of an agreement that China would look to purchase 4.8 mmt of US soybeans.
The canola market closed lower on increased harvest pressure and commercial selling.
Weekly export sales are expected to come in around 1.1-1.4 mmt. Soymeal and soyoil weekly export sales are estimated at 100-275 tmt and -5 to 30 tmt respectively.
Wheat The wheat market trekked lower again today with the Mpls and KC markets poking out more contract lows. The Chicago market saw some bargain hunting emerge and was able to trade and close higher. There seems to be a fair bit of wheat business around, although the US does not seem to make the cut as the US$ stays at a pretty high level. Decent harvest progress in spring wheat country and expectations for decent rain events in the winter wheat country kept Mpls and KC on the defensive. December closes are; Mpls down 2 ½ cents at $5.63, KC down 1 cent at $5.82 ¼ and Chicago up 3 cents at $4.99 ¼.
Spring wheat harvest should be all but done this week if the rain stays away.
Winter wheat seeding is expected to increase with forecasts of rain events moving through the area.
Turkey was said to have bought 200,000 tonnes of milling wheat at $259.75-$262.25/tonne for 12.5 protein and $265.90-$272.75/tonne for 13.0 protein C&F.
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 relied upon for specific trading in commodities here in.
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