September 24 2015
Grain Marketing Specialist
Corn: 1-2 Lower
With help from the wheat market, corn was a couple cents higher yesterday. Tight trading range on the overnight as we saw a mostly lower trade. Harvest seems to be pickup up although guys in the east are switching from corn to beans. Harvest can go in E IA and points east as parts of IA, NE, SD and MN get heavy rains to delay things. Ethanol dropped 23k barrels to 938k barrels. Margins have continued to narrow along with declining oil prices. Export sale was put on the books at around 550-750tmt
Soybeans: 1-2 Lower
Beans traded on both sides of the market yesterday, the pressure came from improving yields but with the strength in the wheat help support beans to remain positive. Two sided traded on the overnight but was pushed lower. China came to the table about bought about 285tmt of beans. They will be in Iowa today and some type of purchase agreement will be signed.
Wheat: 2-3 Lower
Wheat was the big mover yesterday as we saw double digit gains in all 3 wheat markets. We did not carry the rally in the overnight as KC pulls back harder than Minny and Chicago. Still talk about dryness in Australia. Still world fundamentals remain bearish..