National Grain Summary Week ending Nov. 11th
Wednesday, November 16, 2016 9:43 AM
Compared to last week, grain bids were lower, with soybeans trading higher. Corn was pressured by harvest as progress continues due to favorable weather with corn at 86 percent complete and soybeans at 93 percent. The bearish supply and demand report also triggered the weakness. Soybeans were higher on good demand. Corn yield increased by 1.9 bushels per acre for a national average of 175.3 bushels per acre. Total production was up by 169 million bushel which was much larger than expected. Soybeans national average yield increased by 1.1 bushel per acre to a 52.5 bushels per acre, with total production at 4.36 billion bu. Weekly export sales and shipments for wheat totaled 28.3 mb and 14.0 mb, respectively. This may be viewed as neutral for wheat. Weekly export sales for corn totaled 48.6 mb, with shipments at 35.1 mb. This may be neutral for corn. Weekly export sales and shipments for soybeans totaled 40.6 mb and 102.6 mb. Both numbers were above the amount needed to keep on pace, which may be viewed as bullish for the soy complex. Wheat was mostly steady to 7 cents lower, with Minneapolis 6-16 cents higher. Corn was mostly 1-8 cents lower. Sorghum was 3-8 cents lower. Soybeans were 8 to 30 cents higher.
Source: USDA-Mo. Dept. of Ag Market News Service, St. Joseph, Mo.