December 2, 2014
Grain Marketing Specialist
Corn had a modest showing yesterday as outside markets and the strength in wheat brought it back to the positive. The overnight was relatively quiet with a narrow trading range. Export Inspections came in short of targets. 29.3mb vs the 34mb needed weekly. China seems to be adding to its domestic supplies, it doesn’t look like they will run out anytime soon.
Beans were on a roller coaster yesterday and ended the day in the positive. As with corn, soy complex say a quiet overnight as well. Seems Meal has settled down after a wild ride now that we all know we have plenty of domestic beans to crush. Exports were well ahead of targeted bushels of 67.9 vs. the 23mb needed. 10.22 seem to be the resistance point on Jan sb.
Wheat market had an excellent run, supported to by outside markets and concerns in Russia and the Ukraine that could affect exports. Wheat traded lower on the overnight after Monday’s run to the highest level since the summer months. Minny March wheat target points could be around 6.54 than 6.72 KC March wheat has 6.80 and than 6.85 in its crosshairs. Exports were lackluster at around 10mb vs 17.5mb needed.