February 16, 2015
Matt Erickson
Grain Marketing Specialist

No markets today in honor of President’s day, markets will open back up tonight at 7pm

CORN
Corn finished up a penny and a half last week as the USDA cut carryout 50 mln bushels. Ethanol grind continues to be strong as weekly production numbers continue to rise along with ethanol stocks. Exports continue to be okay as the dollar continues its trend higher. The USDA pegged baseline acres on corn next year to be 88 mln versus 90 mln acres last year. A good target level to look at for December 15 futures may be in that $4.25-$4.30 area, which would put NC cash corn around $3.50.

SOYBEANS
Beans finished up 17 last week as the USDA cut the carryout by 25 mln bushels in last Tuesday’s WASDE report. NOPA crush number is out February 17th, which is estimated at 162.7 mln bushels. November 15 hedges are gaining popularity as we are approaching $9.85 SX15 futures, which equates back to $9 cash off the combine. Nearby resistance for March futures is at $10.00 while support looks to be found at $9.66 SH15.

WHEAT
Winter wheat crop conditions have continued to decline in the South with the sporadic weather most areas have been receiving. Wheat stocks globally are still large and with the Russia/Ukraine situation calming down it seems the market wants to rid of the risk premium that was in the market. Domestic wheat carryout was raised 5 mln bushels while global stocks grew as well in last Tuesday’s USDA report.