December 15, 2015
Drew Johnson
Grain Marketing Specialist

83% chance that the Federal Reserve will raise interest rates. This has not happened since 2006. Reminder, expiration date on January options is December 24th.

Corn: 2 lower

Export inspections, yesterday, came in at 22.3 million bushels. This was in line with USDA projections for the week, but still well below the number needed to keep on pace with USDA projections. Year to date shipments are at 308.1 million bushels. This is down 23% from a year ago. FSA released the number of acres that farmers certified for government programs yesterday. The numbers were inconclusive, but suggest that the USDA might raise the final acreage estimate between 750,000 to 1 million acres in January. Argentina did eliminate their corn export tax which was at 20%. Technically we still see support at $3.75 Mar futures.

Soybeans: 3 lower

Soybeans export inspections came in at 49.4 million bushels. This is down from last week’s numbers. China is still the main buyer. National Oilseed Processers Association (NOPA) will release the November crush numbers this morning at 11am. Expectations are around 160 million bushels, which would be up from last month. FSA numbers suggest that USDA could raise acres by 250,000 to 350,000 in January’s report. Argentina’s President reduced their export tax by 5%. Weather in South America to remain wet. Technically, support is at $8.63 January futures.

Wheat: 1 - 3 lower

Export inspections were at 16 million bushels. This is above what was projected, but still behind the 16.5 million bushels needed to me USDA’s annual projections.