Dec 30th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
Strong export sales had corn in the black right at open but wasn’t enough to keep it there. Corn looks to continue its choppy trade as we work through the last couple sessions of the year. Dr. Cordonnier left both Brazil and Argentina corn production estimates unchanged at 74 mmt and 21 mmt both shy of USDA by 1mmt each.
Soybeans: As of 7:45- unchanged
Decent export sales yesterday had soybeans putting in a new high for the recent range before technical selling took over. Funds estimated sellers of 4000 contacts yesterday. Generally speaking SA weather remains good as we will continue to monitor that for any perceived issues.
Wheat: As of 7:45- 4-5 lower
Unlike row crops wheat managed to close in the black yesterday after a 2 sided trade. We will continue to monitor Russia and the implications from the Feb export tax but for now the US looks to remain overpriced for the world market.