November 6th, 2014
Drew Johnson
Grain Marketing Specialist

Next Monday is the November WASDE Report.

Corn
As of 8:00am  3 lower

Corn lower again this morning after an attempted rally yesterday. Bearish thoughts, with Monday’s WASDE Report, will keep pressure on the market. Expectations on that report are 175 bu/A with total production at 14.5 billion bushels, and ending stocks at 2.15 billion bushels. Ethanol numbers yesterday were at down from the previous weeks. Export sales numbers, out this morning, came in at 18.8 million bushels. This is well below the 23 million we needed this week to match USDA estimates. Corn is holding support, on the December futures, at $3.61. 

Soybeans
As of 8:00am  3 higher

Soybeans are modestly higher this morning after it tested support, yesterday, at $10 January futures. Export sales numbers, this morning, came in at 59.3 million bushels, well above expectations. Total soybean production is expected to increase 42 million bushels in Monday’s report. Weather in Brazil is still seen as favorable. Support is still around $10 January futures.


Wheat
As of 8:00am  2 - 3 lower
Rising world production estimates are keeping pressure on the wheat market. Export sales, for this morning, came in at 9.8 million bushels. This is below the 11.9 million bushels needed this week to keep pace with the USDA demand projections. Traders expect UDSA to increase carryout next week by 28 to potentially 50 million bushels. We shall see. Expect pressure to remain on wheat.