February 18, 2015
Grain Marketing Specialist
Looking to lock in a floor price on NC15 corn, beans or wheat while keeping your top side open? Contact your local Grain Marketing Specialist for more info on Minimum Price contracts
CORN- Down 2
Weekly export inspections for corn came in at 28.5 mln bushels versus 27.6 mln bushels the previous week. The number is still short of the 34.9 mln bushels needed weekly to reach the USDA forecast. Interesting note, since January 30th oil is up just over $9/barrel and March corn is up 24 cents. Ethanol production and stock numbers will be released today where we hope to see continued good weekly ethanol grind. Nearby resistance for March corn is found at $3.91 CH15 with support found at around the 100 day moving average of $3.8175.
SOYBEANS- Down 2
Soybeans caught fire later in the session Tuesday as another solid day of demand hit the market. NOPA crush came in as expected at 162.7 mln bushels for the month of January while weekly export inspections showed another near 50 mln bushel week. Currently, we only need 10.9 mln bushels a week to reach the USDA export forecast, possible future revision coming soon?? NC 15 beans are hovering around $9 cash at most WG locations, may be a good chance to get a larger percentage sold heading into the spring season. Below is a look at the November 15 day chart..
WHEAT- Minneapolis Unchanged, Kansas City Unchanged
Weekly export inspections came in at 14.8mln bushels, which is just above last week but below the 18.9mln bushels needed weekly to reach the USDA forecast. Minneapolis March wheat has now rallied 36 cents since January 30th while Kansas City March wheat is up 29 cents. Cold weather continues to be a reasonable concern with many winter wheat areas with less than adequate snow cover.