November 17 2015
Grain Marketing Specialist
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Corn: 1-2 Better
Light two sided trade on the overnight session as we see at least the Dec contract merge into a range of 3.56-3.63.Progress report showed that the nation is 96% done with corn harvest compared to 97% LY. SD is right there with the Nat. Ave at 95% complete. We did get a sale on the books to Mexico for 953 MT for 2015/16 and 488 MT for 2016/17. Weekly export inspections were poor at 14.7mb vs 36.1mb needed weekly.
Soybeans: 2-3 Better
Soy complex was a tight two sided affair on the overnight as Jan saw a 4 ½ cent trading range which is consolidating at 8.50 to 8.65 with a ten day MA at 8.63 ½ . Experts predict Brazil is 60% planted and crop estimated around 100mmt. Weekly export inspections were strong at 79.4mb vs the 27mb needed weekly. Exports to date are about 2.5% behind last years. We did get a sale yesterday morning for 180tmt to China.
Wheat: 1-2 Lower
All classes were lower on the overnight as wheat is running out of fresh news to push the market positive. The Ukraine is planting its fewest acres in the past 10 years; early estimates are their crop sits around 27 mmt. South Korea rejected an offer on US wheat citing the price was just too high. Weekly export inspections were 10.3mb vs the 14.7mb needed weekly.