Grain Marketing Specialist
Corn: As of 7:45- 1 higher
The corn market suffers from lack of fresh news keeping corn in a tight 4c range overnight. Ethanol production dropped a bit yesterday to 975k barrels per day. Export sales this morning at 779.8 slightly exceeding expectations. Technically this market to me has no clear direction as we search for new fundamental news .
Soybeans: As of 7:45- 2 lower
A firm $ and favorable conditions in South America have this market on its heels. Export sales this morning at 1800 for 15-16 exceeding estimates of 1000. This market is a little weaker again here overnight as we look for support at contract lows of 8.50F.
Wheat: As of 7:45- 2-4 higher
Favorable world weather and world stocks continue to pressure the wheat complex. Technically this market does appear like it could be due for a bounce but we will need some sort of a catalyst. Export sales at 721.9 exceeding expectations of 200-400. Dollar index slightly lower helping support things overnight.