February 13 2015
Darren Wilcox
Grain Marketing Specialist

Corn: 1-5 higher
With big crop ideas looming in SA and high world stocks, corn market was under pressure for most of the yesterday. Strength in the crude oil market was a saving grace to limit losses. March closed above its 10 & 20 Day moving averages of $3.82. March closed down 2 ¾ cents at $3.86, July closed down 3 at $3.98 and December closed down 2 at $4.13. On the overnight corn had a tight trading range with it closing up penny in most contracts. $3.93 remains resistance and $3.81 ½ as support. A case of mad cow disease was confirmed in Alberta.

Soybeans: 2-5 Higher
Despite an expected huge bean crop in SA, the soybean market traded higher on technical buying and firming cash markets provided support to the market. Export sales were fair across the complex and meal shipments saw an increase. So far South America has not been a huge exporter of beans, although there have been reports of SA beans moving into Mexico. March closed up 6 at $9.83, July closed up 5 at $9.91 and November closed up 4 at $9.64. A firm close this morning on the overnight as decent export sales push the market higher with most of the nearby contracts up 6 and Nov beans also up 6.

Wheat: 2-5 Higher
The wheat market traded lower on a overabundance of wheat supplies and a strong US$. European wheat exports are going strong, with the lack of demand for US wheat. Mpls March closed down 1 ¾ at $5.74, KC March close down 5 ½ at $5.54 and Chicago March closed down 4 at $5.21. Two sided trade on the overnight but close in the positive as well. There were renewed concerns for the UU winter wheat, with the current cold snap moving through the Plains area. The biggest concern is for those areas with little or no snow cover. Drought-like conditions look to be expanding in TX, OK and KS