January 9, 2015
Producer Marketing Manager
CORN: As of 7:45 – Up 3
Weaker yesterday as export sales were a disappointing 15.3 mbu. The focus has turned to Monday when the USDA will release a series of reports. We will see the Quarterly Stocks Report as of Dec 1 (to gauge domestic consumption), the Jan Supply/Demand report, and the first glimpse at Winter Wheat Seedings.
SOYBEANS: As of 7:45 – Steady
After pushing into the $10.62 area on the March contract, the soybean market also finished lower on the day. Brazil’s crop suppy agency, CONAB, updated their crop estimates and raised their soybean number to 95.9 Million Tons, up slightly from their December estimate. This is significantly better than last year’s record production number of 86.7. FWIW – USDA is pegging them at 94.
WHEAT: As of 7:45 - Steady to Up 1
Similar to corn…..dismal export numbers really weighed on futures. Egypt bought French wheat overnight. We will see our first Winter Wheat Seeding numbers on Monday. See the trade expectations below.