January 15, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 1
Steady close yesterday on corn in light of the weakness in the wheat complex. Some chatter of ethanol plants slowing down grind as corn movement has been slow and margins continue to slide, prompting them to look at efficiencies to optimize. The 20 day moving average continues to be overhead resistance at $3.60 on the March.
SOYBEANS: As of 7:45 – Down 7
Beans had a solid afternoon of trading after the Jan contract went off the board. The March contract closed above the 100 day moving average for the first time since early Dec. However, we are giving a lot of that back this morning. Weather is OK in S America. December NOPA crush number will be out at 11am today, with the avg trade guess at 157.8mbu......watching this number closely as soy crush margins are very tight as well.
WHEAT: As of 7:45 – MPLS Down 1, KC Down 2
Yesterday finished off the second day of selling after Tuesday’s USDA report and we have given back all the gains seen on Tuesday. At the end of the day, world supplies are plentiful and no perceived threat is really making the market nervous right now.