Weekly grain movement: New crop soybeans sold to West Coast

Weekly grain movement: New crop soybeans sold to West Coast

Illinois new-crop soybeans sold to West Coast container market

Farmers remain light sellers of new-crop corn and soybeans but grain merchants are seeing a mild increase in demand from end users with new-crop soybeans sold to the West Coast container market and to Gulf export points.

Illinois corn continued to go by rail to the southeast poultry and ethanol markets, while Iowa shipped corn to Texas cattle feedlots.

"Everything I have is going to the southeast. That is the best (corn) market and it looks like it will be the best market for a while," said a central Illinois dealer.

The dealer also sold new-crop soybeans to a container shipper for delivery to the West Coast and the train for October delivery at the U.S. Gulf.

Weekly grain movement for Sept. 9, 2015 (Photo by Ian Waldie/Getty Images)

"They lifted the bean basis about a nickel in a week," he said of Gulf deal.

In Iowa, business was quiet as merchants prepare for harvest. A western Iowa, elevator loaded the corn train for the Texas feedlots, but otherwise business has been slow as they wait for harvest, which should start in two to three weeks for corn and about four weeks for soybeans.

While some corn harvest was under way in central and southern Illinois and in southern Indiana, dealers there said the main thrust of harvest was still a week or more away.

Storms moved through west central Iowa during the three-day Labor Day weekend dumping 6 to 10 inches in some areas with flash flooding likely today and Wednesday near Des Moines on the Raccoon and Des Moines Rivers. Merchants in the storm area said it was not clear if any of the maturing corn and soybeans were affected.

Forecasts show drier weather on Wednesday for Iowa and surrounding states but more rain on Thursday.

USDA's weekly export inspections came out on Monday and corn, soybean and wheat shipments for the week ended Sept. 3 at 35.2 million, 3.43 million and 13.6 million bushels, and were down from a week ago.

For corn and soybeans, the new crop year started Sept. 1 and year-to-date shipments for corn are down about 10.25 million bushels from a year ago and soybean shipments are down about 21.1 million bushels. The wheat year is about three months old and shipments trail last's year pace by 61.1 million bushels.

Weekly grain movement: New crop soybeans sold to West Coast

TAGS: USDA
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