December 1st 2015
Grain Marketing Specialist
Speak to your nearest Grain Marketing Specialist about the new Winter Market Base Builder Program.
Corn- UP 2 as of 7:45
US weekly export inspections were very poor at 11.8 mb with 37.1 mb needed weekly year to date runs 26.2% behind last year. Argentina’s incoming government will abolish the 20% export tax on corn the day after it assumes office on December 10th. The EPA released their biofuel mandate yesterday. They announced that refiners must use at least 18.1 billion gallons in 2016, up from 17.4 billion gallons in 2015, but well shy of the 22.25 billion gallon target that congress set back in 2007.
Soybeans- UP 4 as of 7:45
The bean market settled near highs with help from technical trading and solid export inspections. Weekly export inspections were strong at 67.4 mb ahead of the 24.9 mb needed weekly and still behind last years pace.
Weather in South America remains too wet in southern Brazil and Northern Argentina, while the north could use some moisture. The forecast looks for rains at average to below in the south and average to above in the north. Farmer sales out of brazil show that their weaker currency has helped progress forward sales at an estimated 45% of their expected crop has been sold vs. 26% last year and 40% average.
Wheat- Both Minneapolis and Kansas City Down 1 as of 7:45
The wheat market closed mixed yesterday with Chicago weaker on greater than expected deliveries and Kansas City and Minneapolis higher on bargain buying after recent losses. Minneapolis also saw strength from spread activity and stronger cash markets. Weekly export inspections were 10.1 mb behind the 14.9 mb needed
Winter wheat conditions came in just above the average trade guess of 54% at 55% good to excellent.
Emergence was reported at 93% right on track with average up 3% from last week and 1% from last year.