Dec 29th 2014
Grain Marketing Specialist
Corn: As of 7:45- 1-2 higher
Post Christmas trade on Friday had corn erasing most of Wednesday’s losses being pulled higher by a firm bean trade. Really very little new news out there with the exception of delayed export sales being released this morning at 1700 exceeding expectations of 500-800. Technically this market remains range bound with support at 4.03 and resistance at 4.15 ¾ and a gap to fill at 4.23-4.26.
Soybeans: As of 7:45- 3 higher
Friday’s trade was firm as we worked into Jan FND. It looks like this may have caught a few people of guard as there was no real market changing news. Export sales out this morning at 635.8 for 14/15 and 1500 for 15/16 vs. expectation of 450-650, meal at 206.7 vs. expectations of 50-200 and oil at 3.9 vs. expectations of 5-30. Technically my indicators are currently bullish with resistance at 10.60.
Wheat: As of 7:45- 5-6 higher
Wheat was mixed to lower Friday on light volume, unable to keep up with row crop. Export duties to start on Russian wheat Feb 1. Export sales this morning at 293.1 for 14/15 and 35.5 for 15/16 vs. expectations of 250-450.