January 14, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 1
The corn market was slightly higher yesterday as the market continues to digest Tuesday’s report. Export sales just out this morning showed sales of 26.3 million bushels this week, which was at the upper end of the range. To hit the USDA export figure we need to do 27 million bushels EVERY week.
SOYBEANS: As of 7:45 – Steady
Soybeans were higher yesterday as well as we bump the 100 day moving average of $8.81 on the March futures. We did find some support at the 20 day moving average as well. Export sales out this morning were decent at 41.4 million bushels. The expectations were 33-48.
WHEAT: As of 7:45 – MPLS Down 2, KC down 5
Lower on the day following Tuesday’s big move. As mentioned in yesterday’s pose, the acre “shock” from Tuesday’s report struggled to maintain stamina today under the weight of global stocks. Wheat export sales this morning were in the middle of the range and right at the amount needed each week to hit USDA forecasted numbers.