January 7, 2015
Producer Marketing Manager
Dangerously cold wind chills today and tomorrow.....be careful if you are out and about!!!
CORN: As of 7:45 – Down 1
A quiet day on corn yesterday as we chopped around both side of unchanged on the day. Looking ahead to Monday’s USDA report, average analyst estimates are projecting US corn ending stock inventories around 1.944B bu with a very wide range of estimates (1.71 to 2.19B bu).
SOYBEANS: As of 7:45 – Up 2
March beans had its highest closing price since Nov 25th yesterday as we trade toward the upper end of the channel we have been in since harvest. Nov 15 soybean futures are also trading back up into the $10.30 mark. SAM soybean production estimates by private and public interests are figuring around 94 MMT in Brazil and 55MMT in Argentina…..some are noting a drying trend and warmer temps over the next 10-14 days in Northern and Western Brazil.
WHEAT: As of 7:45 – Steady to Down 1
Wheat let the trade for most of the day before settling back off their daily highs. Aside for the COLD temps across the Great Plains, it was reported that China bought 2 cargoes of HRS yesterday.