October 30, 2014
Producer Marketing Manager
Trading lower this morning after making new highs for the move yesterday and into the overnight…….
CORN: As of 7:45 – Steady
Export sales out this morning were a little light at 19.3 million bushels. The trade expected 28 -35 million bushels. Ethanol run rates are going strong and posted a 10 week high of 937,000 barrels per day last week. The Dec futures touched the August highs of $3.81 last night.
SOYBEANS: As of 7:45 – Down 6
Again…..soybean meal leads the way as it printed a $400/ton figure on the Dec futures yesterday. Export sales out this morning were neutral at 48.7 million bushels. We traded through the 38% retracement level and are holding it so far this am.
WHEAT: As of 7:45 – MPLS Down 2, KC Down 1
Wheat export sales were above expectations at 16.3 million bushels. Big gains in Soybeans and Corn yesterday pulled wheat higher as well.