Morning Market Insight
February 24 2015
Grain Marketing Specialist
Corn- Up 1 1/2 as of 7:45
Export inspections came in at 35.5mb (28.5mb last week)
two-sided but mostly higher overnight trading as CH sees a 4 cent trading range and may have $3.84 ¼ as overhead resistance
seeing some influence from strength in beans and a truckers strike that disrupts things in Brazil. Dec. 2015 corn futures closed at $4.10 ½ Monday, which is the lowest settlement price for the contract since Feb. 2. Near to above average rains in Center-West, Northeast and Southeast Brazil later in the week may make second crop corn planting challenging for the next 10 days.
Beans- Up 9 1/2 as of 7:45
Export inspections were 35.3mb vs 10mb needed weekly (49.1mb last week)
rain delays some harvest in Brazil as they are now estimated at about 18% harvested
Truckers in Brazil continued to protest higher fuel prices again Monday, port operations and export loadings still remain normal though.
Wheat- MWH Up 2/ KWH UP 7 as of 7:45
Export inspections were 18.4mb vs the 18.8mb needed weekly (14.9mb last week)
Areas of light snow affect HRW wheat in parts of the central and southern Plains within Wednesday-Friday.
The wheat market is hoping the GASC tender actually happens this time.U.S. values are still overpriced when compared to other origins.