U.S. grain prices are drifting higher this morning with corn up 4 cents, soybeans up 2 cents, and Chicago wheat up 3 cents.
FSA preventive plant numbers were released this morning and have been lending support to the corn and soybean market. Their projection for corn preventive plant acres increased to 1.582 million acres from 1.54 in last month’s report. Soybean prevent plant acres were bumped to 841 million from 827 million last month. Today’s report indicates that the harvested acres projected for corn and soybeans in the September report may be too high considering this survey based report from FSA.
USDA crop conditions were released yesterday afternoon, showing corn and soybean conditions unchanged on the week. 72% of soybeans and 74% of corn remain rated good to excellent. 27% of corn is now mature vs a 5 year average of 39% at this time. 24% of soybeans are dropping leaves verse 32% over the last five years.
Frost/freeze threat remains small for the remainder of September, with Planalytics projecting a warming trend entering the US Grain belt Thursday and into the weekend. Lows should be seasonally warm for the majority of the grain belt.