December 11, 2015
Producer Marketing Manager
Last Call for signing up bushels in the Winter Market Base Builder Program! Today is the final day to sign up bushels as pricing begins on Monday! Contact your nearest Grain Marketing Specialist or WG location for more information.
CORN: As of 7:30 – Steady to Up 1
Corn had a solid day yesterday led by a short covering rally, pushing March corn 5½ higher. Exports sales aided some of this as they were reported better than expectations, coming in at 43.1mbu for the week. March corn ran into stiff resistance at the 38% retracement level last Friday, but has found some support at the 20 day moving average and looks to be poised to test the resistance level at the 3.82 mark.
SOYBEANS: As of 7:30 – Up 4
Waiting and watching Argentine news to see any new hints for currency devaluation as their new president took office yesterday. Between export taxes dropping 5% and potential for currency to devalue 10% could mean a $1+ increase in their realized soybean prices…….significant. Jan beans continue to find support at the 20 day moving average and some resistance around the 100 day moving average area.
WHEAT: As of 7:30 – MPLS Down 2, KC Down 1
Wheat hosted a decent rally yesterday with funds buying an estimated 4,000 contracts. This was in light of very low export sales. The Mpls March futures seems range bound as we bounce off the 5.05 level and poke into the 5.20 area…..trend is sideways.