December 17, 2014
Producer Marketing Manager
CORN: As of 7:45 – Up 3
Stronger this morning after a fairly quiet trading day yesterday. There was an article in Reuters yesterday saying the Chinese have informed US seed companies that MIR 162 will now be accepted (which the ddg cash market has been anticipating with its surge in prices) however there has been no official documentation. On a FOB basis, the US corn is getting closer to all other exporting countries.
SOYBEANS: As of 7:45 – Up 4
Beans closed down 16 yesterday. The combination of a weak Brazilian currency and the rally on the futures market has inspired some producer selling in South America.
WHEAT: As of 7:45 – Up 12
Fears of a Russian export restriction pushed the market higher yesterday before settling back some into the close. We are trading back up to those levels this morning. The Russian Central bank raised interest rates from 10.5% to 17% in an effort to head off inflation and the collapse of the Ruble.