March 4, 2015
Producer Marketing Manager
Have you enrolled portions of your 2015 corn or soybean production into our new Market Base Builder pricing program yet? Deadline to sign up is next Friday, March 13th. Contact your nearest Grain Marketing Specialist for details.
CORN: As of 7:45 – Down 1
Yesterday’s market was lower most of the session before rumors of Argentina farmers halting grain sales to bring grievances to the government pushed us into positive territory on the close. The May futures is bumping the 20 day moving average at $3.92 this morning. Ethanol plant margins are up 7 cents/gal over last week…..we will see weekly production numbers released this morning.
SOYBEANS: As of 7:45 – Down 9
Nearby soybeans traded nearly 10 lower on the day before corn and wheat pulled it back closer to even on the close. Overnight markets are pushing us back down to yesterday’s lows. Brazil farmers are seeing record high prices and are willing sellers on price strength, as the Real fell to new lows of 2.93:1. Harvest is chugging along in the Southern Hemisphere…..
WHEAT: As of 7:45 – Down 4-5
Wheat was the big mover yesterday as Funds were light buyers with wheat closing up 6 – 15c lead by Mpls/KC. All of this despite the US Dollar continuing to make new highs. Watching the $5.72 mark (20 day Moving Average) as near term resistance on the May Mpls board.