December 3, 2014
Grain Marketing Specialist
Corn: 2-5 Lower
Corn closed lower yesterday in sympathy to beans in all contracts, which spilled over into the overnight session. With large domestic stocks added with a strong US $ has put pressure on the market. Also China continues to add to their own stock pile. Ethanol production continues to remain strong with cold temps and ample supplies along with decent margins. RaboBank thinks corn to stay around the $3.60-3.80 range for 2015.
Soybeans: 5-10 Lower
Favorable weather in South America along with the strength of the US $ kept soybeans in the red yesterday along with the overnight markets. Brazil has over 85% of their SB in the ground while Argentina is just shy of 50%. RoboBank estimates SB to be around $9.00-9.70 for 2015. SF went below the 50-day MA on the overnight at 9.92 next would be 9.76.
Wheat: 5-10 Lower
After a good few trading session a round of profit taking was the common theme for wheat. Along with strong US $ added additional pressure to the wheat market. There is concerns with the cold temps in the winter wheat growing areas as some fear it has damage the crop already.