Sep 24th 2014
Grain Marketing Specialist
Corn: As of 7:45- 1 higher
I wish I had something new to talk about but once again solid yield reports pushed corn to new lows yesterday. Light rain looks to slow harvest adding support overnight but looks to not last very long. Ethanol has been selling off sharply as of late pressuring margins, offsetting cheaper corn. Below is a spot ethanol chart.
Soybeans: As of 7:45- 3 higher
Soybeans put in a new low again yesterday as well, but rain has slowed harvest for a day or two perking things up a few cents overnight. Let’s see if we can close in the black. Processors bids remain hit or miss as bids change daily or even hourly- seller beware…. Technically all of my indicators remain bearish.
Wheat: As of 7:45- 6 higher
Wheat firmer overnight as North Dakota attempts to wrap up a very difficult harvest. When the smoke clears it does appear that we have adequate global stocks. With talk of SA, Russian crop larger than last year and what appear to be a good Australian crop.