October 17, 2014
Grain Marketing Specialist
Corn: 2-5 Lower
Corn is still gaining steam from harvest delays but this weekend is expected to be a big harvest weekend as many will see favorable weather which should extend into the next week. Ethanol production was in at 885k barrels per day which was down 16k from the week before. Stocks are sitting around 18.36 million barrels which is down from the week before and down from this time last year.
Soybeans had a strong close yesterday as it closed up .14 on the Nov contracts as delays still plaque the east and Brazil is still dry. Also playing a supporting role is strong demand for meal. Harvest in the WCB should be about wrapped up and should continue in the east.
Wheat: 3-5 Better
Wheat finally put in a decent trading day as we say double digit gains, which could be the start of a turn around. We are we seeing dryness in Australia which has production on the decline but Black Sea market has enough supplies to pick up the slack. We could see an influx in wheat acres put in areas with the good moisture during seeding.