February 25, 2015
Assistant Grain Merchandiser
First notice date for March contracts is this Friday, March 27th.
Corn: Down 1
Corn tried to follow beans higher yesterday, but after trading over 8 cents higher, fund buying could not follow through and it closed down a penny. Harvest pace for corn is starting to pick up in Argentina pressing basis values there whereas Brazil’s 1st crop corn harvest is at 21% vs 30% last year. Mar Corn Down $.0025 at $3.7725; May Down $.0025 at $3.8525. The funds were even in Tuesday trading.
Soybeans: Down 4
Bean market rallied on the potential slowdown of exports from Brazil due to the truckers strike and light harvest delays in Brazil. The truck strike in Brazil is still occurring but it appears that both sides are willing to work on a compromise. Harvest in Brazil is estimated between 18-20% complete. Average harvest at this time of the year averages 23% complete. March closed up 16 ¾¢ at $10.16, July closed up 17¢ at $10.23 and November closed up 13¢ at $9.92 ¾. November had a daily range from $9.79 ¾-$10.02.
Wheat: Down 2
Wheat markets found early support from GASC tender but was short lived due to bearish fundamentals. GASC purchased all U.S. HRW (290,000 MT) with the credit program our government has set up for Egypt, its first purchase of U.S. wheat since September. The funds bought 1 K yesterday.