December 16, 2014
Producer Marketing Manager
CORN: As of 7:45 – Down 3
March corn traded up to $4.12 yesterday, its highest level since July 10th, before settling a penny higher on the day. Dec corn topped out at $4.36 and is around the $4.30 mark this morning. Minimum Price contracts may be worth looking at to put a floor under this post harvest rally…… Export inspections were toward the lighter end of expectations yesterday at 21.5 million bu, (28-33 million bu).
SOYBEANS: As of 7:45 – Down 10
Soybeans were the weak leg of all three yesterday as they struggled to find much footing in the face of decent production weather in South America and export inspections that were toward the low side of expectations. Export inspections were 67 million (62 to 79 million). Crude oil continues to get clobbered…..nearing $54/barrel this am.
WHEAT: As of 7:45 - Up 5
Strong start to the week for the wheat market across all three exchanges yesterday and into this morning. The fundamental traders are struggling to find a supportive argument for the continued rally while technical traders are seeing buy signs everywhere. Moisture across the HRW belt has this year shaping up more like an El Nino year which typically is a good production prospect for US wheat. Argentine wheat harvest is ½ done and without a production hiccup, a 12 MMT crop with carryover should be able to supply all of Brazil’s 7 MMT import needs.