Compared to last week, cash bids for corn, wheat, sorghum, and soybeans were lower. After being lower to start the week, the wheat market made a correction mid-week and pulled corn and soybeans out of a downtrend that started three weeks ago. However, the wheat market ran out of gas and it was difficult to find news to continue the push upward. August rains throughout the Midwest typically bode well for soybean yield increases and this year, more rain has fallen in drought plagued areas in August than the months of January through July combined. Old-crop corn shipments plus those scheduled for shipment stand at 2.383 billion bushels (bb). Total marketing year shipments are now up 2 percent over a year ago and Thursday’s report would be considered bullish for new-crop corn. USDA reported soybean shipments and outstanding sales at 2.163 bb, three percent less than a year ago as the export outlook for both old-crop and new-crop would be considered neutral. Total shipments plus outstanding sales of wheat for the 2018-2019 crop year are reported at 330 million bushels (mb) and 26 percent less than a year ago. This week’s wheat shipments are lackluster and the latest report would be considered bearish for wheat even though the new season’s lower supplies could help U.S. wheat exports in the future. Wheat was from 3 cents to 25 1/4 cents lower. Corn was from 3 to 20 3/4 cents lower. Sorghum was 10 to 11 cents lower. Soybeans were 15 1/2 to 37 1/2 cents lower.
Source: USDA-MO Dept of Ag Market News Service, St. Joseph, Mo.