January 11, 2015
Producer Marketing Manager
CORN: As of 7:45 – Down 3
USDA reported an export sale this morning of 152,400 tons of corn to unknown destinations. Overnight was weaker along with soybeans as weather was ideal for growing conditions in S America over the weekend. Watching for tomorrow’s USDA WASDE report……
SOYBEANS: As of 7:45 – Down 2
Widespread rains with adequate coverage across much of Brazil has pressure on the market overnight and into this morning. The 6-10 day forecast keeps rain in the Northern portions of their soybean growing region. This morning we did see export sales of 120,000 tons of soybeans to China, and another sale of 248,000 tons to unknown.
WHEAT: As of 7:45 – Down 2
Weaker on the overnight as well…..Estimate for winter wheat seedings in tomorrow’s USDA report is around 39.32 million acres vs. 39.461 million acres last year. Minneapolis March futures are holding the 20 day moving average this morning after closing above it on Friday as seen on the chart below. KC March couldn’t hold that level overnight.