January 5, 2016
Grain Marketing Specialist
Corn: Up 3
World financial markets were not friendly for grains yesterday. Export inspections were 12.8mb, well behind the 37mb needed-well behind last year’s pace (chart below). Fund selling was evident at about 8,500 contracts yesterday as corn futures hit new contract lows.
Soybeans: Up 6
Futures under pressure as the Chinese stock market ended up falling 7% which triggered a complete halt in trading after a manufacturing index showed the 10th consecutive month of contraction. Export inspections out yesterday were 55.5mb well ahead of the 20.2mb needed weekly. Brazil exports 713k tonnes of soybeans in December, down from 1.44MMT in November but well above 139k tonnes last year. Brazil keeps catching rains in the north and south is drying down (Map Below).
Wheat: MW Up 2, KC Up 2
New contract lows across all three wheat exchanges yesterday as we test multi year lows and chart points. Export inspections were 12.8mb slightly behind the 14.9mb needed weekly. The Mississippi river is beginning to reopen, with dry weather in the forecast the hope is the river will reopen this week.