August 29, 2014
Grain Marketing Specialist
Corn was a follower of wheat yesterday keeping its head above water going into the long holiday weekend. Sept gained 5 ¾ at 3.61 and Dec put on 4 ¼ to 3.69 ¼. Dec didn’t have enough push to go through the 14 day moving average resistance of 3.69 ¾ all week. Corn will try to keep support from wheat market to stay positive. Ethanol margins remain strong but some plants are finding it difficult to get old crop corn in the door to take advantage of it.
Soybeans: 1-5 Better
The lack of any threatening weather to the bean crop keeps its under pressure. Sept closed down 12 at 10.73 but Nov did close up a 5 to finish the day at 10.28 ¾. Huge yield numbers coming for the south, the delta is coming back with 80-90+ with moisture around 13.5-14.5%. Still talk of sudden death syndrome in beans but not enough to getting anyone excited to push the market up.
Wheat: 2-5 Better
The unrest in the Ukraine still is keeping the wheat market in the positive. Mpls closed up 1 ¾ at 6.12 and KC closed up 7 at 6.35. With Black Sea wheat at this point the cheapest on the market, there is fear of supply disruption with the situation with Russia. Wheat harvest continues in eastern ND but with some chances of rain going into the weekend may cause more delays. Quality issue remain in ND and MT as excessive moisture in areas continues.