October 16, 2014
Grain Marketing Specialist
Corn: Steady to Lower
We saw both sides on the overnight trade with corn closing down a penny. With a big crop staring us in the face, the market seems resistant to sell off to new lows. Technically, we should find support at current levels. In the forecast we can see warmer days ahead so not much holding back harvest. Export sales out tomorrow, should show pretty good sales on the books.
As with the corn the overnight saw a two sided trade, both closed in the positive closing up 3. Beans finding support from the meal market for now. Weather will be cooperative for the most part in both the WCB and ECB. western areas should be wrapping up harvest and the east just getting going. Brazil on the other hand seems dry but their rainy season will be starting up in the next week or two. The weather has affected the canola harvest in Canada and with the dollar up there trading at its lowest in a few years, canola should find support.
Wheat: 2-5 Lower
All the wheat was down on the overnight. There just hasn’t been enough news to pull wheat into the positive. It has just been a follower of corn and beans. But with the dollar weaker last week, US wheat has become more competitive in the world market. Planting progess should continue in the eastern areas as weather improves.