Towards the end of October, markets continue to chase the highs seen in June, but have not been able to get there yet.
Brennan Turner is originally from Foam Lake, SK, where his family started farming the land in the 1920s. After completing his degree in economics from Yale University and then playing some pro hockey, Mr. Turner spent some time working in finance before starting FarmLead.com, a risk-free, transparent online and mobile grain marketplace (app available) that has moved almost 150,000 MT in the last 2.5 years. His weekly column is a summary of his free, daily market note, the FarmLead Breakfast Brief. Visit the FarmLead website (www.farmlead.com) for more information and to sign up for Brennan's newsletter.
If you would like to be notified when a new article is posted, please click on the subscribe button below.
Grain markets in the past week have seen a healthy bump thanks to weather concerns, strong indications of better demand, and, subsequently, short-covering in the futures markets as more traders are getting optimistic that we touched bottom.
On Tuesday, October 11, the United States Department of Agriculture (USDA) came out with their October version of their World Agricultural Supply and Demand Estimates (WASDE), giving the grain markets a bit more clarity on what the United States (U.S.) crop is looking like.
Grain markets pushed through the first week of October with more focus on what the colder and wetter weather could add in terms of premiums.
At the end of September grains were looking a bit higher where they ended the month of August, mainly thanks to some weather premiums getting priced into the market.
Grain markets are starting to pull out of the rough patch they have been sitting for the past two months.
Grains passed the halfway point of September with not much more grain harvested compared to the start of the month, some concerns over planting in Brazil, and a fresh set of World Agricultural Supply and Demand Estimates (WASDE) report numbers from the United States Department of Agriculture (USDA) on Monday, September 12.