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.
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.
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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.
Grains pushed through the first week of September with a mix of bullish and bearish headlines, but mostly of the former as a weaker United States (U.S.) dollar, wet weather, and decent export numbers have supported prices a bit.
Grains continued to be pressured by the Harvest 2016 season and continuous moderate weather in the United States (U.S.) continues to keep crop conditions and yield projections at elevated levels.
On Tuesday, August 23, the Statistics Canada (StatsCan) crop production summer update was released and, as generally expected going into it, things were bearish.