January 20, 2016
Grain Marketing Specialist
Corn: as of 7:45 down 1
Decent gains yesterday as we saw March up a Nickel and Dec up 4. If we make it through today without falling and filling our gap that was established at 3.63 ½ to 3.64, that should serve as short term support. Corn inspections were on the high end of expectations this week. Inspections are running 223 million bushels behind the pace needed to meet the USDA’s export estimate, and still well under the 5 year average. Some hot weather down in SA should provide some support to the corn market but with sinking crude it may not be enough.
Soybeans: as of 7:45 down 6 ¾
It was a really promising open coming off a really good overnight session, but it did not stay that way. Still had positive gains after the close but we were off 7-8 cents off the highs. That was carried into the overnight session as well. Soybean inspections topped the high end of expectations. They are still in a slowly declining pattern since November. They came in at just under 1.4m tons with a range of 1-1.3m tones.
Wheat: Minny and KC down 2 ¾ and Chicago down 4.
Wheat could not gain enough strength yesterday to follow corn and beans to positive levels. That showed up in the overnight as well as all classes sink lower. With the US $ still strong and world supplies still strong wheat seem to continue to struggle. Also US is not the cheapest option. Wheat inspections were near the low side of expectations. Wheat is still behind the pace needed by 46 mil-lion bushels and is way below the 5 year average.