Grain markets moved higher overnight and sharply higher at the opening. Wheat and corn moved to new 6 week highs. But the rally lasted only about 10 minutes and profitaking and commodity selling kicked in and prices backed down for the rest of the session. One of the stories that had the wheat markets higher overnight was that Russia is dry and the wheat crop there is not in very good shape heading into the winter. The story bears watching. In the U.S. the weather in the cornbelt looks dry and that should help move the corn and soybean harvest along. Monday's Crop Progress Report will show the first winter wheat conditions for the year. Locally the last couple of days we have received about a 1/2 inch of rain. The forecast calls for a chance over the weekend as well.
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There was relatively limited reaction Tuesday from commodity groups and lawmakers about USDA's announcement to roll out the Actual Production History yield exclusion for crop insurance. Still, anyone who has some total crop collapses in their cropping history could see some benefits -- at the potential cost of higher premiums for that extra protection level.
Dry conditions covered all primary U.S. and Canadian Prairies crop regions Friday afternoon. Temperatures ranged from the mid 40s in northern Michigan and the southwestern Prairies to the low 80s in northwestern Kansas and southern Texas. » More DTN Weather Commentary
Posted at 1:39PM Fri Oct 24, 2014 CDT
Did You Know?
In 1874 Mennonites made the first important introductions of wheat from Turkey into Kansas