Nov 14th 2014
Grain Marketing Specialist
Corn: As of 7:45- 4 lower
Corn rallied again yesterday on continued concern over the remaining harvest and fund activity giving us our highest close since July. Ethanol production up 17 to 946 for the week. Export sales right in the middle of expectation at 505.3. While we are softer this morning technically my indicators remain bullish as the market evaluates what it takes to get corn moving.
Soybeans: As of 7:45- 12 lower
Another volatile day for the soy complex yesterday as there continues to be talk of SA meal working into the SE. Price suggests it works right now… Export sales this morning at 1070 and meal at 21.3 in line with expectations. Technically this market looks a little toppy. Remember at the end of the day we are looking at ending stocks of 450 with increased crush and exports factored in already….
Wheat: As of 7:45- 1-3 lower
I think I could cut and paste yesterday comments for this morning. Continued concern over US winter wheat damage due to the cold and concern political issues in the FSU is keeping this market firm right now.