December 4, 2014
Grain Marketing Specialist
Corn: 2-5 Higher
Corn started the day lower but by mid-morning changed course and had a decent close yesterday on tech buying. That strength in the market carried into the overnight as well. Ethanol stocks for the week were around 962k/barrels per day that is a decrease of 20k barrels to the previous week. Margins still are holding at decent levels for plants. We did see a sale of 196k tones of corn to Mexico yesterday as well.
Soybeans: 2-5 Lower
A decent close yesterday in the soy complex but Jan beans still failed to pull themselves above the $10 mark. It did however gain some steam on the overnight and closed the session at 10.05. SA still has favorable weather to get the remaining acres planted. Stats Can released some decent production estimates this morning on their canola production. They estimated it at 15.555t vs. 14.6t in Oct 3.
Wheat: 5-10 Lower
Wheat closed the day lower as it seems the price rally in the market could come to a close for awhile. A cluster of reason came into play for the down days, Lack of buying and the Russia situation seems to be old news. It does come down to the strength of the US $ makes the US uncompetitive in the wheat export market. Trans Can released production numbers on wheat this morning. They come in at 29.281t vs the 27.5 on Oct 3 estimate.