As Reuters explained in an article here, this is “down from the five-year average of 12 percent for this time of year and 11 percent expected by the trade”. US corn rose, underpinned by rain risks, while wheat also ticked upwards.
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Represented on the Kansas council are representatives of the Kansas Wheat Commission, Association of Wheat Growers, Grain Sorghum Producers Association, Kansas Soybean Association, Kansas Cooperative Council, Kansas Farm Bureau, Kansas Livestock Association and the Kansas Corn Growers Association among others.
Market chatter about overseas wheat prices, global wheat demand and supplies from the US and Canada is making the rounds.
The Chicago Board of Trade most-active soybean contract had declined 0.3 percent to $9.86-1/2 a bushel by 0321 GMT, having hit its highest since August 25 at $9.94 a bushel.
“There will probably be plenty of corn this year”, said Mr. Bergman.
Soybeans inspected for export fell 20% from last week to 27.7 million bushels, corn declined 4% to 50.6 million bushels, and wheat was down 24% to 20.7 million bushels.
The US Department of Agriculture said private exporters had booked sales of 110,000 metric tons of soybeans for delivery to China during the 2016-17 season, which helped fuel optimism that firm exports will help eat through the projected record crop that US farmers have begun to harvest. The country, which issued a fresh tender for supplies after the market closed, had seen its imports grind to a halt since it imposed a ban on ergot last month.
“If the Indian government decides to remove its import duty on wheat there could be big new sales to India in the near future”, one European trader said.
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The weekly crop report indicates 9% of the corn crop is in the bins.
